video transcript

I'm in Houston at my age has -- week one of the leading energy industry conferences in the world. And we are learning that one of the most talked about figures in the energy industry Hugo Chavez of Venezuela has died breaking views Christopher -- -- with me. Obviously had been sick but still the news will be reverberating through these halls here if -- -- -- Venezuela has the largest. Oil reserves in the world according to some estimates even outstripping Saudi Arabia. But unless you've got a chef at stake in catastrophic he mismanaged. And you've seen that production from the company getting down. Path from the national company -- of icing getting down at a time when rivals like Columbia have had to have seen that rising production. I think the big question for the oil industry recently is going to be will he be replaced by somebody views allows the industry to run properly. If it doesn't means -- -- -- eventually quite a big increase in the well -- oil supply. And so eventually soft stuff oil prices to everyone in the world. What that means for the US efforts to move toward energy independence because a lot of people we've talked to hearsay. You know for the US to be more reliant not have to rely on Saudi Arabia and Venezuela those are names that come up quite -- conversations. Will that be thought about differently now especially if more oil starts to flow -- Well at this had a big question will be how his success has handled that there there has been some sense that the people he -- -- -- will be much in the same lines that I continue to he's kind of as a as a good that piggy bank. And that the hope must -- of course that's not the case. If -- -- it does increase oil output that would be great news for the United States because what what the United States and Canada really want. He's an anti security they want to -- that the keeping supply routes them. A reliable. That as the maximum amount of oil floating around the world so it makes it cheaper for American Dreyfus and companies that consume. Currently. Chris on breaking -- good to talk to you thanks so much. I'm Rhonda schaffler this is writers.