* OPEC member habitually underestimates price in budget * Chavez government gearing up for presidential vote CARACAS Oct 14 (Reuters) - Venezuela has estimated an average price of $50 a barrel for its oil output in the 2012 budget, state media quoted an economic official as saying. The South American OPEC member nation habitually underestimates the price for budgetary purposes in order to ensure it has room to maneuver in fiscal calculations. Critics say that adds to an already murky use of massive oil revenues by President Hugo Chavez's government. Venezuela's budget estimate this year was $40, whereas in fact its oil price has averaged $99.58 so far in 2011. Parliament's finance committee president Ricardo Sanguino was quoted by state news agency AVN as saying the legislature would start debating the budget on Oct. 27, with "the 2012 budget calculated on the basis of a $50 oil barrel average." Chavez says he has put Venezuela's oil revenues at the service of its 29 million people, particularly in myriad social projects bringing free health and education services, and subsidized food, to the slums. But foes criticize him for falling oil production levels, subsidized supplies to politically friendly nations like Cuba, and corruption in official circles. The government is expected to spend big ahead of an October 2012 presidential election, and issued an additional $3 billion in debt this week to finance social projects. (Writing by Andrew Cawthorne; editing by Todd Eastham)

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