Venezuela legislature votes to nationalize 11 US-owned oil rigs

Story from Breitbart.


Venezuela’s legislature has voted to nationalize 11 oil rigs owned by the US firm Helmerich & Payne.

The rigs, located in Monagas, Anzoategui and Zulia states, will be taken over by state oil giant Petroleos de Venezuela (PDVSA), the official news agency AVN said.

PDVSA had asked the legislature controlled by supporters of leftist President Hugo Chavez to take over the rigs after the US firm declined to negotiate a new service contract, unlike 32 other foreign firms.

The oil giant is South America’s top oil producer.

Since 2007 Caracas has nationalized companies in industries from oil to utilities, to telecoms, cement, steel and banking.

Speaking of Breitbart, do you all know the famous actor Michael Moriarty from the TV show “Law and Order”? He linked to me yesterday from Breitbart’s Big Hollywood web site. Isn’t that amazing! I think it’s just by accident, I’m sure he isn’t a regular reader.

UPDATE: Ooops almost forgot.

Hey Chavez! I bet that I can nationalize more private corporations than you can!

Actually there is a nice summary of Obama’s demolition job on the economy that you can read in the Wall Street Journal. I liked it. Most of the stuff I blogged about already as it happened.

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