Chavez to strip oil companies of operational control over Orinoco Belt

This reported todsay on CNN.com

money.cnn.com...

"The importance of this is that we are taking back control of the Orinoco Belt which the president rightly calls the world's biggest crude reserve," said Marco Ojeda, an oil union leader before a planned rally led to mark the transfer.

The four projects are valued at more than $30 billion and can convert about 600,000 barrels per day (bpd) of heavy, tarry crude into valuable synthetic oil.

I seems that Chavez is likely to sell the oil to China, Russia and other countries who will offer a more favourable price and agreement no doubt.

Perhaps this could be used justify forced entry into nations with ample crude oil supplies.

This will no doubt affect the financial markets, no doubt increasing the price of oil, which in turns means more costs at the gas pump?

Time to buy that Hybrid car option you always laughed at?!




[edit on 1-5-2007 by deaman88]