he was also calling for the lease of the mayor of caracas who was a critic of president nicholas modurotonio ledezma is under house arrest and is under arrest rather and accused of plotting a coup. >>> mexico's economy could suffer this year if global prices for oil remain low. mexico relies on energy profits for about a third of its national budget. adam raney reports. >> reporter: oil, it's the life blood of mexico's economy. energy profits pay for more than a third of allstate spending. but a midst huge drops in prices, mexico is now slashing those budgets by more than $8 billion. that downturn comes at the precise moment the sector is controversially opening up to private, foreign firms for the first time in nearly 80 years. closingposing opportunities and risks for this overly oil dependent country. we traveled to mexico caps deepest waters to gauge what the future hold. many on the national crew are upbeat about their prospects. at the moment money is being spent to find out where the formations are where the oil is and the future, once they are complete. once we go in to the appr

now it's nicholas moduro. they have squandered the nation's richest. third, the country is being run by corrupt individuals. just last week a report came out again that the speaker of the national assembly is himself a drug kingpin. and fourth, even with all the oil wealth that venezuela has squandered it still possesses some of the largest oil reserves on the planet, but oil prices are dropping, and in a country like venezuela where innovation and entrepreneurship are stifled, where wealth and power are concentrated in the government and its cronies the entire economy is the oil industry. 96% of venezuela's export revenues come from oil. so in december, i'm proud that the u.s. senate and the house passed and the president signed a bill that sanctions human rights violators in venezuela. it mandates that their assets be frozen and visa restrictions be placed upon them if they are involved in human rights violations and that's going to be critical moving forward because as things get worse in venezuela, more people will take to the streets and the natio