Falling oil prices come at a bad time for Venezuela President Hugo Chávez, whose amendment to end term limits faces a referendum on February 15.

Venezuelan voters approved a referendum lifting term limits for elected officials on Sunday, allowing President Hugo Chávez to seek reelection indefinitely. With nearly complete results, 54 percent voted for the proposal.

On February 9, AS/COA organized a public panel to look at the February 15, 2009, referendum in Venezuela that abolished term limits for all elected officials. The discussion focused on public opinion trends ahead of the upcoming vote, economic implications, and the legitimacy of the referendum.

On February 9, AS/COA hosted a panel discussion about the upcoming Venezuelan referendum and its implications on public opinion, economic impact, and constitutional implications.

Eurasia Group’s Patrick Esteruelas talks about how the plummeting price of oil affects Venezuela’s economy and regional diplomacy. “By all accounts, Venezuela is destroying assets much more quickly than it’s been building them,” he says.

Voters in Bolivia and Venezuela weigh in on their political futures. Bolivians voted in favor of a new constitution and Venezuelans soon determine whether their president can seek indefinite reelection.

President Hugo Chávez has decided to sustain an international fuel assistance program for low-income Americans. But dropping oil prices could force his government to feel the economic pinch and slow international oil diplomacy efforts.