The asshat simply does not get it - Chavez
Let's see now -- you have a nation that has minimal resources except for a large pool of oil. You spend all of the oil money on social programs so your subjects ♥ you but you are not spending anything on infrastructure and promoting the development of other native businesses.
All of a sudden, the price of oil falls down to its normal value (bubble anyone?).
What do you do. From the
BBC NEWS:
Chavez seizes oil service firms
Venezuelan President Hugo Chavez has sent troops to take over companies that provide services for the oil industry.
"This is a revolutionary offensive," he told workers near Lake Maracaibo, Venezuela's main oil-producing area.
Military vehicles were used as the state oil company seized supply boats and two US-owned gas facilities.
Mr Chavez nationalised Venezuela's main oil assets two years ago. The fresh drive comes as falling oil prices put state finances under pressure.
The move places hundreds of boats, several ports and an estimated 8,000 oil workers under state control.
The state-owned oil company PDVSA has recently clashed with foreign and local service providers over the prices they charge.
The service companies are owed billions of dollars by PDVSA. But the state firm says lower oil prices mean the contractors are being paid too much.
President Chavez has re-invigorated his nationalisation programme since his victory in a February referendum that removed limits on how many times he and others can stand for re-election.
Venezuela has some of the biggest oil reserves in the world and is the largest oil exporter in the Americas.
Fusion faster please... Why is it that the most incompetent and corrupt leaders are always the ones who seek no
term limits.
Posted by DaveH at May 10, 2009 12:14 PM