Tuesday, July 06, 2010

Chavez Seizes Oil Rigs: What Else Is New?

The Venezuelan state-run oil company has seized some more oil rigs owned by a US company (see story HERE). Apparently, Chavez & Co. don't want to pay these companies for their services, and when the owners stop production, the rigs get "nationalized." How much longer, until no company from any nation will operate in Venezuela?

There's a lesson here for more than just oil companies. All the US corporations that own "carbon credits" in Brazil, and other countries in that region, are at risk. Chavez is becoming an influencial force, with several other nations in the region following his lead. Don't be surprised if all those billions of dollars worth of "carbon credits" simply evaporate, if the political winds change. There is already a "grass roots" political movement to "take back" the rain forests in Brazil. The situation could escalate, as Chavez keeps getting away with this treatment of foreign investors.

PS: On a personal note, I've finally replaced my old, infected PC! I'm looking forward to getting back to writing on Blogger much more often! I really missed it, over the last few months, though I was able to do some posting. SEE YOU SOON!

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