Venezuela Approves $9 Billion Oil Windfall Profit Law

[Purveyor]

Source: Reuters

Apr 15, 2008 17:38 EST

CARACAS (Reuters) - Venezuela's parliament passed a law obliging oil companies to give windfall earnings to the leftist government when world prices are above $70 a barrel, a legislator said Tuesday.

Oil Minister Rafael Ramirez said the new law would bring in an estimated $9 billion annually at today's prices.

President Hugo Chavez, who has for years squeezed more revenue from oil companies operating in the OPEC nation and nationalized all foreign-run oil fields, wants the funds to be spent immediately on social programs in this election year.

Iroshima Bravo, a member of the parliament's finance commission, told state television the law had been passed by majority on Tuesday and would take effect this week.

The government will take in about 92 cents for every extra dollar when world prices are above $70 a barrel and then 97 cents when they are above $100 a barrel, his oil minister, Rafael Ramirez told reporters.



Read more: http://wiredispatch.com/news/?id=129513

[ooglymoogly]

1. I love this guy but he is playing russian roulette with ruthless people

who would not bat an eyelash at assassinating anyone who gets in the way of their obscene profits.

[Arctic Dave]

2. Will this tyrants evilness never stop!!!

Now the oil execs children will have eat non Russian caviar!
Where is my turbo-charged flightless bird friend to rail against this monster of monsters. This will surely have him in a tailspin.;-)

[ToughLuck]

3. Way to GO Chavez!!!!!!

[PSPS]

4. "Leftist"

Venezuela's parliament passed a law obliging oil companies to give windfall earnings to the leftist government ...

As usual, Reuters throws in the unnecessary adjective to maintain its pejorative connotation. They never use such descriptive adjectives when referring to right-wing governments or their leaders.

[H8fascistcons]

5. Thank You George Bush..........

This is poetic justice, Venezuela has some of the dirtiest crude oil making it extremely costly to refine. The majority of Venezuela's oil sat untapped due to these additional costs, crude needed to be over $50 a barrel to make pumping feasible. Now enter the criminal Fascist Bush, he has succeeded at doing what Chavez did not have the power to do and that is raise the price of crude so high that now Venezuela can pump the dirty oil and make huge profits putting additional billions in the pocket of Venezuela. Thank you criminal Fascist republicans, you did some good for a change...

[dweller]

6. $9 billion annually...

are you listening Dem congress-critters?

are you?
dp

[Hugabear]

7. We need to nationalize, get rid of ALL profits

Imagine...if we ran our energy as a government service, and not worrying about making billions in profit$ to give to Big Oil execs.

[Thepricebreaker]

8. Ugh sad.. an Obama supporter talking socialist crap...

sad sad sad...

[Hugabear]

12. "socialist crap"

I'll take that over what we have going on now any day of the week, thank you very much.

Why does "socialism" have to be such a bad word?

[David__77]

15. You can have your capitalism.

And your McCarthyism too.

[pokercat999]

10. Same with insurance.

[BB1]

9. The US Government used to do this, too.

In WWII there was a windfall-profit tax (whatever) for the big corporations.

[Pavulon]

11. This is't ww2. That is your money at work there

we need to drastically change energy policy. We send trillions of dollars out of the US for fuel.

Hydrogen, bio, whatever, I hope to see the petro market collapse in my lifetime.

[Bandit]

13. Venezuela's parliament passed a law

Which "guy" are you referring too?

[classysassy]

14. Power for the powerless

President Chavez is using the revenue to help the poor,Bush and his thugs are helping the rich,I see why there are some americans that hate the man,GO CHAVEZ.