A year after Chavez oil pact, Caribbean countries haven't seen a drop

"One year after 13 Caribbean countries signed a deal with Hugo Chávez, the president of Venezuela, to buy oil under preferential terms, a majority of the nations have not received a single drop of fuel, while those that have are still seeing high retail prices," AP reports.

The deal, called Petrocaribe, has failed to help most of the countries evade high oil prices. Eight countries have received no Venezuelan fuel yet, mainly because their governments have no state-owned docking or storage facilities, and lack the knowledge and expertise to run an oil company, according to AP.

Venezuela's deal is a government-to-government arrangement that cut out the private sector.