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. Last Updated: 07/27/2016

Chavez Says Oil is Headed for $100

CARACAS, Venezuela -- World oil prices are headed for $100 per barrel, Venezuelan President Hugo Chavez predicted Saturday, and he said he would cut supplies to the United States if the U.S. government "attacks" his country again.

"I've always said that oil prices are headed straight to $100 per barrel," he said during a televised speech. "We should prepare ourselves for those prices of $100."

Chavez said high oil prices were the sign of a "global crisis" in energy caused by voracious consumption that has vastly reduced available oil reserves.

Chavez has accused the United States of plotting a bungled coup that ousted him for two days in 2002, though Washington denies the accusations, and has repeatedly made conditional threats to cut off oil sales to the United States that historically account for 12 to 15 percent of U.S. imports.

"No one should think that we're going to stop sending oil to the United States, no -- unless they attack us again," Chavez said during a speech to leaders of Caribbean nations meeting in Caracas for an energy summit.

"If they attack us again like they did in April 2002 ... there will be no oil."