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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Christopher White who wrote (36707)2/4/1999 12:10:00 AM
From: Mike from La.  Read Replies (1) of 95453
 
They may be trying to get their money out before Chavez catches up with them. Kind of like the dictators' Swiss bank accounts. When the game is up, they retire to their villas in France or where ever. They weren't doing their country, or their people any good, just their own bank accounts.
They better move fast though, when the full extent of how much they've ripped off becomes public they will not be very popular, if they have, in fact, done that. But I don't really know, I'm just assuming it is the same pattern that has occurred numerous times all over the world. What will be telling is the degree that American companies are accused of being in bed with corrupt officials and businessmen, and whether that causes anti-American sentiment to rise. Watch to see if Chavez starts talking to Canadian, French, etc, oil companies looking to use them to replace US influence. The resentment, if it arises, may be based on fact, or it may be the result of propaganda. It could turn out like Nigeria, where the association between the corrupt rulers and the oil companies translates into violence against the oil companies. Same in Peru, and Columbia. The biggest example of course is Iran, when the Shah was over thrown, hostility against the US remains 20 years later. There is a danger of Saudi Arabia going the same way.

It all depends on how Chavez chooses to go, and what the US reaction is. Bill Richardson praised Chavez at the inauguration, while Castro was at the side of Chavez, and was being cheered by the crowd. Castro represents, to many Latin American people, the abuse of US power against a tiny country that presents no threat to the US. I think the US is unsure how to handle this, but are keeping it low key. The anti-US sentiment could easily be exploited by Chavez, but there are also good reasons for his not doing so. Time will tell. I'm not saying any of these potential anti-US sentiments are justified, I'm just saying they are there, and could get worse. My original point is still that Chavez is in the driver's seat, and there is little the US can do about it.

Excerpt from a wire service decribing the inauguation;

''He is off to an excellent start,'' said U.S. Energy Secretary Bill Richardson, in Caracas for the inauguration. ''I think Chavez is a potential leader in the hemisphere. ... He is a bright, street-smart individual who is developing a lot of political skills.''

Heads of states and other dignitaries from 60 countries attended the inauguration, among them Cuban leader Fidel Castro, who spent much of the day near Chavez's side. During Tuesday night's rally, the crowd chanted ''Fidel! Fidel!'' and waved posters of Castro.

Mike from La.
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