Venezuela Pulls Control From Big Oil

Venezuela Pulls Control From Big Oil

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President Hugo Chavez's government took over Venezuela's last remaining privately run oil fields Tuesday...

Oil Minister Rafael Ramirez declared that the oil fields had reverted to state control just after midnight.

The companies ceding control include BP Plc, ConocoPhillips, Exxon Mobil, Chevron, France's Total SA and Norway's Statoil ASA.

PDVSA, is assuming at least 60 percent of each of the Orinoco operations, but has invited the companies to stay as minority partners.

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Tha nationalisation of Venezuela's oil industry is now basically a done deal.

Negotiations are still ongoing for compensation based on book value of refineries and new terms are offered if the multinationals wish to stay as shareholders of the remaining 40%.
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I think it's a good thing for the people of Venezuela. They should have always had control over their own resources and the terms for it's use. If the oil companies don't like it they can go drill a hole in their own land. What, they don't own any land? Oh well..

If only every other country would follow. This one industry can bring the entire world economy to a stand still and still profit from it, and there is no way we can protect ourselves. A sane leader would at the very least, during a war or natural disaster, institute a rationing program. So at least people can travel to work, which would hopefully keep the overall economy stable. But if these fools are allowed to push gas over $4 in the midwest, don't be surprised if the 30s repeat themselves. We have been in drought for 3 years now, corn is the only commodity keeping some farmers in business, but if diesel is pushed any higher, along with out of control land prices, say good bye to the easy life for at least 10 years.