RSS 2.0 FeedHugo Chavez Celebrates May Day By Becoming Even More Of A Communist
by Doug MataconisToday, the government of Hugo Chavez announced that it had nationalized all of the remaining privately owned oil fields:
CARACAS, Venezuela — President Hugo Chavez’s government took over Venezuela’s last privately run oil fields on Tuesday, intensifying a struggle with international oil firms over one of the world’s most lucrative oil deposits.
Oil Minister Rafael Ramirez declared that the Orinoco oil fields had reverted to state control just after midnight. Television footage showed oil workers in hard hats raising the flags of Venezuela and the national oil company over a refinery and four drilling fields in the oil-rich Orinoco River basin. Chavez planned a more elaborate celebration later on May Day, the international workers’ holiday, with red-clad oil workers, soldiers and a flyover by Russian-made fighter jets.
But it’s not like Chavez had to send troops in there to accomplish this; for the most part, the oil companies agreed to this:
The companies ceding control include BP PLC, ConocoPhillips, Exxon Mobil Corp., Chevron Corp., France’s Total SA and Norway’s Statoil ASA.
All but ConocoPhillips have agreed in principle to state control, and Venezuela has warned it may expropriate ConocoPhillips assets if the company doesn’t follow suit.
Where, oh where, is Francisco D’Anconia ?
To Hugo’s credit, he did withdraw from the IMF and the World Bank yesterday, though I doubt the American tax payer will take any benefit.
Comment by Charles Bowen — May 1, 2007 @ 11:24 am