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This is CBS, I'm the World. I'm John Batchel with my colleague and friend Gordon Chang at Gordon G.

Chang. We welcome the vice president of the Lexington Institute, Rebecca Grant, to comment

on news off of Venezuela, but not what you think, not drug interdiction or the condemnation

of Madura, the dictator of Venezuela as a drug lord to be contained, ASAP. No, this is about oil,

light, sweet crude, the really good stuff. Oil, threat of war in China, writes the headline at CNN,

why elections in this small South American country are crucial for the U.S.

We're talking about Guyana, which at one point was a British colony,

and more than 100 years ago was given to understand that it controlled certain amount of

what you'd have to say unlivable Amazonian jungle along the stretch of Venezuela to the north.

It also has offshore island claims and offshore mineral right claims.

A discovery within these last years by a major oil company, Exxon, I believe, says that there

are billions and billions of barrels of oil off Ghanas coast.

Since then, Maduro, the dictator of Venezuela, has made claims that suggest there might be military

trouble for Guyana, a small nation without a military that could stand up to Venezuela.

And now we turn to why the elections matter. Rebecca, a very good evening to you.

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