Venezuela takes operations from big oil companies

[madokie]

http://news.yahoo.com/s/nm/20070501/wl_nm/venezuela_nationalization_dc

PUERTO PIRITU, Venezuela (Reuters) - Venezuela stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects on Tuesday, a vital move in President Hugo Chavez's nationalization drive.

The May Day takeover came exactly a year after Bolivian President Evo Morales, a leftist ally of Chavez, startled investors by ordering troops to seize his country's gas fields, accelerating Latin America's struggle to reclaim resources.

"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 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.

[Donnachaidh]

1. And they'll use THAT as another reason to keep pushing OUR gas higher!

They must have those astronomical quarterly profits - they don't care which pocket it comes from.

[Stargazer99]

4. You got that wrong it is the private ownership capitalist

that don't give a damn if you suffer or not...wake up...they have you brainwashed.

[Donnachaidh]

6. no dear - not at all

If you think the oil companies aren't using world events to hyper-inflate prices -- YOU are the one with too much soap in the frontal lobe.

[IndyOp]

2. And now, I bow my head in a moment of prayer -

that no external powers move in on Venezuela to restore the corporate powers.

:(

[deutsey]

12. Yes, one wonders how long a "crisis" requiring a US military "solution"

will suddenly emerge.

:evilfrown:

[Stargazer99]

3. That shows capitalism has the average person by the privates

Look what private ownership has done to our country in regards to the oil industry. High prices, melting ice caps, polluted enviroment and a war. What makes the conservative think that big oil in the US hasn't already figured out who is going to get the spoils of oil in Iraq? The answer is his own stupidity and willingness to be Darwinian. Chavez has it right, the assets of the nation belong to its people not some lord of the mannor.

[madokie]

5. I agree with that

[Sapere aude]

7. My mother-in-law grew up in Venezuela. Her sister still lives there. They were part of the wealthy

ruling class. My mother-in-law told me this weekend that the rich had it coming for not caring about the poor all these years.

[SammyWinstonJack]

8. The rich in this country should take heed. Six years of tax cuts won't save them.

[TahitiNut]

10. "The failure of capitalism will be entirely due to the failures of capitalists."

Did Marx say that? I dunno. I tend to agree. When the people in whom a trust is established violate that trust, I have less pity than for almost any criminal.

[Ganja Ninja]

9. Ouch! And on Loyalty Day at that!

This has really got to hurt the Bush crime family.

[madokie]

11. The BFEE is nearing its end

to be culminated by many years of jail time for many deserving people