In an attempt to recreate the opening chapter of Atlas Shrugged, and to show America the next step in 'real' socialism - Venezuelan President Hugo Chavez has sent the troops in to take over companies that provide services for his oil industry.
"This is a revolutionary offensive," he told workers near Lake Maracaibo, Venezuela's main oil-producing area.
Military vehicles were used as the state oil company [You'll remember that Mr. Chavez nationalized his country's main oil assets two whole years ago] seized supply boats and two US-owned gas facilities. It seems the dip in oil prices put his finances under pressure?
The move places hundreds of boats, several ports and an estimated 8,000 oil workers under state control.
My thought on is that on the surface he'll save some money - at first. However, no one with half a brain will invest or build infrastructure in Venezuela - if such a person still existed? The revenues eventually lost by the lack of service providers to Venezuela in extraction, support, and transport will eventually cost him more than he's gaining on this take over move. The Oil companies will simply wait out the rest of Mr. Chavez's political life - they are very patient people. And seeing as how (in my useless opinion) he will eventually drain the pocketbook quicker - his political life is now significantly shorter.
If you would like to help end Mr. Chavez's reign of terror on his people, I recommend that you stop filling up at Citgo stations. Citgo is incorporated in the US, but is owned by Venezuela.
Vote with your pocketbook.