Loosing the reelection and the increasing unemployment will be Chavez final demise unless he can pull a trump card out of his sleeve and there are not many alternatives to choise from.

The quickest and must noticeable one will be the " new mining law " which will set the country on an alternative and diversified path .

Gold ,diamonds and the other rich minerals that VZ has in abundance will surely compensate the temporary shortcoming of the oil industry and put to work people even those from the oil patch.

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Politics
Venezuela's President Hugo Chávez will face his most difficult election in 10 years, since he is starting at a disadvantage his campaign for a referendum on a constitutional amendment on his endless reelection, said a Venezuelan pollster.

Luis Vicente León, the director of Datanálisis, a Caracas-based pollster, said that according to a recent poll 53 percent of respondents are to vote against the amendment in a referendum that could be held in February or March, DPA reported.

Datanálisis figures contrast with other polls reported by Minister of Communication and Information Jesse Chacón, who mentioned two different pollsters according to which 55.1 percent of Venezuelans support the amendment.

The draft amendment will be discussed at the National Assembly (Congress). After the approval, the National Electoral Council (CNE) will have one month to convene a vote on the presidential indefinite reelection.

By Upstream staff

The last cut in oil production undertaken by Venezuela, in accordance with an agreement from Opec, has made 17 drill rigs in west and east Venezuela to come to a standstill, reported oil-sector labor agents.