Here’s the latest news on Venezuela:

Venezuela loses $1.5 bln a year in gasoline subsidy Reuters

Venezuela’s state oil company PDVSA loses around $1.5 billion a year through domestic subsidies that make the South American OPEC member’s gasoline the cheapest in the world, the energy minister said on Sunday.

Republican Lawmaker Connie Mack Proposes U.S. Embargo on Venezuela Latin American Herald Times

At the Conservative Political Action Conference, or CPAC, the largest yearly gathering of conservative activists which serves as a place for presidential hopefuls to measure their early support, Mack on Saturday devoted almost his entire speech to Chavez, whom he called a “thugocrat” who resorts to using weapons such as oppression, aggression, terrorism and drugs to “destroy” Latin American freedom and democracy (VIDEO)

Is Chávez promoting free expression? Check the facts Committee to Protect Journalists

CPJ has closely documented the long-deteriorating press freedom situation in Venezuela under Chávez. Far from “guaranteeing and promoting” freedom of expression, Venezuelan authorities have worked relentlessly to quash critical voices, using state regulatory bodies and modifying legal structures to assist them in their efforts. Just check the facts.

Caracas Mayor Will Seek To Challenge Chavez For Presidency Wall Street Journal

Caracas Mayor Antonio Ledezma announced Tuesday that he hopes to enter the 2012 presidential election and challenge Venezuelan President Hugo Chavez, according to local media.

Venezuelan Business Sales Fell 28.4% In 4Q – Survey Wall Street Journal

Venezuelan businesses saw sales decline 28.4% in the fourth quarter of 2010 compared to the same period in 2009, according to a member survey released Wednesday by Consecomercio, one of the country’s main business associations.

Likely shortage of products in the absence of price increases El Universal

The manufacturing sector has requested the Venezuelan government to allow price increases for regulated products, in order to prevent shortage of goods in the domestic market, said Carlos Larrazábal, the President of the Venezuelan Confederation of Industries (Conindustria).