Prev | List | Random | Next
Powered by RingSurf!

Anti-PC League

Powered by Blogger

Day By Day© by Chris Muir.

Monday, January 02, 2006

Uncle Hugo Rides Again

Got this one from DU:

Venezuela takes over 32 privately operated oilfields

Venezuelan oilfields returned to state control Sunday with the start of the new year, the government said.

At midnight Dec. 31, a deadline expired for all private companies with contracts to independently pump oil to agree to joint ventures that will give Venezuela's state oil company majority control.

The 32 operating agreements were signed between 1990 and 1997, when Venezuela's petroleum industry was open to private and foreign capital. The objective at the time - when the price of crude was below $10 US a barrel - was to increase production at low-priority oil fields that had been closed because of their location or lack of resources and which Petroleos de Venezuela S.A., or PDVSA, had no plans to reactivate.
How extensive is the takeover?
The state could take as much as a 90-per-cent stake in the new ventures. The amount the private companies have invested in the fields will determine the amount of control they have, Ramirez has said.
Anyone want to set up a betting pool as to how long it'll take to for socialism to drive yet another resource-rich country into the ground?

Of course, the Che-wannabes at DU have been thoroughly indocrinated to believe that political vision can trump economic reality, or history for that matter:

"Good. Oil is too important to be in the hands of corporations"

Not to mention the plainly delusional:

bush will quickly burn him at the stake, just as the US did Castro when he nationalized and shut out all the american owned businesses and properties. They really thought they would own Castro the same as they owned the former dictator. Chavez may well be bush's nemesis because he at least can give oil to the poor of the US and the president would rather they just freeze! The poor and the old have no place in bushamerica!