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Chavez Threatens to Halt Oil to U.S.
Christopher Toothaker, Associate Press
Venezuelan President Hugo Chavez threatened Saturday to halt oil exports to the United States and said opponents of his leftist government are not welcome within the military or the state-run oil company.
…The opposition has accused Chavez’s administration of political coercion after Oil Minister Rafael Ramirez was caught on videotape threatening to fire employees of state-run oil company Petroleos de Venezuela SA, or PDVSA, who oppose Chavez.
“If they try to destabilize PDVSA, if the empire and its lackeys in Venezuela attempt another coup, ignore the outcome of the elections or cause election or oil-related upheaval, we won’t send another drop of oil to the United States,” Chavez said in a speech to PDVSA workers in the coastal city of Puerto La Cruz, 150 miles east of Caracas.
Chavez – a close ally of Cuban leader Fidel Castro – said President Bush “had better tie down his crazies here in Venezuela” to prevent a possible end to petroleum exports.
Venezuela supplied 12 percent of U.S. crude oil imports last year and the U.S. remains the top buyer of Venezuelan oil.
(4 Nov 2006)
Foreign investors bow to Morales
Hal Weitzman, Financial Times
Foreign investors in Bolivia’s gas sector have bowed to the leftwing government’s nationalisation plan, agreeing to pay up to 82 per cent in tax, hand over control of commercialisation to the state and invest billions of dollars in the Andean country.
“With these new contracts we want to generate more economic resources to solve the economic and social problems of our country,” said Evo Morales, the leftwing Bolivian president.
…“The biggest concern in our sector has been the lack of investment,” said the Hydrocarbons Chamber. “With these new agreements we envisage the reactivation of Bolivia’s hydrocarbons industry.”
(29 Oct 2006)
As wells dry up, Mexico could be forced to privatize oil
Sara Miller Llana, Christian Science Monitor
MEXICO CITY – Even as popular pressure grows around Latin America for a stronger state hand in developing natural resources such as oil and gas, Mexico’s president-elect Felipe Calderón may be forced to consider putting more power in private hands.
The country’s flagship oil company Pemex, has been a point of pride since the industry was wrenched from foreign hands and nationalized in 1938. Its revenues alone cover one-third of Mexico’s budget.
But prosperity from years of record oil prices has allowed Mexico to postpone what most agree are much-needed reforms. And now, as production at Pemex’s top oil field declines, pressur
USe to find new fields is mounting. But industry analysts say Mexico’s constitutional restriction on foreign direct investment will hamstring costly exploration efforts, and possibly disrupt the flow of oil, 80 percent of which heads to the US.
Indeed, with his fragile political mandate, Mr. Calderón may find that oil becomes the issue that will define his presidency.
(27 Oct 2006)
