by Clif Ross

MÉRIDA, VENEZUELA - The State oil company of Venezuela, PDVSA(Petroleos De Venezuela, Sociedad Anonima), has confirmed the discovery of four billion square feet of natural gas in western Venezuela, believed in June to have only been 2 billion square feet. It also confirmed that it possesses the largest single reserve of oil in the world. In addition to the estimated 78 billion barrels of conventional oil reserves, there are 235 billion more barrels -- estimates which include a lower-grade petroleum known as Orimulsion - in the Rio Orinoco region. This means that Venezuela . . .