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Politics : Politics for Pros- moderated
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From: LindyBill2/12/2009 7:11:42 PM
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Chavez wises up some

By Thomas P.M. Barnett

FRONT PAGE: "Chavez Reopens Oil Bids To West As Prices Plunge: Facing Lower Revenue; A Quiet Turnaround to Bolster Venezuela's Stream of Income," by Simon Romero, New York Times, 15 January 2009.

Sub-titles say it all. The basic dynamic summarized:

>>>Until recently, Mr. Chavez had pushed foreign oil companies here into a corner by nationalizing their oil fields, raiding their offices with tax authorities, and imposing a series of royalties increases. But faced with the plunge in prices and a decline in domestic production, senior officials have begun soliciting bids from some of the largest Western oil companies in recent weeks--including Chevron, Royal Dutch/Shell and Total of France--promising them access to some of the world's largest petroleum reserves, according to energy executives and industry consultants.<<<

Same as it ever was: raid the pantry when it's full, and beg for help when it's not. That Mr. Chavez runs one intelligent economy, does he not?
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