Venezuela's US Ambassador guest of honor at US State Governors' Council meeting

<a href=www.vheadline.com>Venezuela's Electronic News Posted: Friday, May 16, 2003 By: VHeadline.com Reporters

Washington Ambassador Bernardo Alvarez Herrera says the first point of discussion at the annual reunion of the US State Governors Council was Venezuela's recently increased importance as a trading partner and supplier of crude oil to the United States as a result of instability in the Persian Gulf region.

"Venezuela is among the United States' top 20 trading partners in the world and the 3rd largest in Latin America ... our country is a secure and reliable market for US products and we will continue to strengthen efforts to the benefit of both our nations."

"Although commercial relationships are important, as everyone knows, the real financial connection between our two nations is energy and we both must work together to assure a stable relationship in the years and decades to come."

Speaking in St. Thomas, Alvarez Herrera quoted present and future figures for the United States' domestic energy requirements as being  47 million barrels of crude per day, rising to 65 million by 2025 ... of which 20.1% comes from Venezuela.

"Venezuela is committed to remaining a loyal supplier of Energy to the United States," Ambassador Alvarez Herrera said emphasizing that Venezuela will increase supply from 1.7 million barrels per day to 4.2 million by 2025 ... increasing not just the commercial relationship between both countries but the strategic importance of secure supplies.

Additionally, Venezuela is already committed to providing reliable supplies of natural gas to the United States and to the rest of the world ... "over the next 20 years, domestic consumption of natural gas in the United States will increase and Venezuela is there for you!" Alvarez Herrera told State Governors.  "Citgo filles one of every five gasoline tanks in the United States where it has 13,000 service stations and thousands of employees, US men and women, as well as refineries in Louisiana, Texas, New Jersey, Illinois and Georgia."

As for the political situation back home and attempts by the opposition to remove President Hugo Chavez Frias from power by unconstitutional means, Alvarez Herrera reminded his audience of State Governors that it lasted only 48 hours since Venezuelans themselves took to the streets demanding a return to democracy; and the opposition stoppage last December-January which virtually paralyzed the nation's petroleum industry had not only influenced Venezuela's national economy but had had knock-on effects on the economy of the United States as well.

"Nevertheless, from a February figure of just 100,000 barrels per day, Venezuela's oil supply had already risen to 3.2 million barrels as Venezuela returns to its traditionally stabilizing force in international oil markets."