U.S. Eases Up on Chavez to Avoid Oil Spike -Analysts.
Hugo Chavez says a referendum on his presidency on Sunday is a battle between him and U.S. imperialism, but the Bush administration is ducking a fight because the Venezuelan leader's weapon of choice is oil. The Bush administration, which has been the populist's most vocal critic and once appeared to welcome a coup against him, has gone tellingly quiet to avoid provoking an oil price spike that could anger U.S. voters, analysts and diplomats said. The restraint also shows Washington is preparing the ground for some reconciliation should Chavez survive the referendum as Wall Street hopes, they added. With Democrats blaming Bush for record oil prices as he runs for re-election, Chavez has threatened to cut off supply from the world's No. 5 exporter to energy-hungry America if U.S. "meddling" gets out of hand.
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