Venezuela's oil

There's been lots of good articles on the anti-Chavez blogs about the mismanagement of Pdvsa's oil. Today, that story made it into the Miami Herald. The best information confirming the case is the fact that Pdvsa is hiding its accounting from investors:

But the doubts about the real production figures and the money issues already may have created a credibility gap on Wall Street, where traders say the uncertainty could soon affect foreign investments in the oil sector.

For reasons that are not clear, PDVSA has not filed any financial statement with the U.S. Securities and Exchange Commission since 2003 and no longer posts financial statements on its own website.

''There's no information whatsoever,'' said Alberto Ramos, a senior Latin America analyst for Goldman Sachs. ``We don't really have a good idea of what's going on.''

If they have nothing to hide, why not disclose their information to investors? It's not like the Venezuelan economy can manage without foreign investment, and Pdvsa is losing investor confidence at an fast rate.