September 22, 2005

Venezuelan Mining Concessions On The Block

Venezuelan President Hugo Chavez is looking at cancelling all foreign mining concessions in his quest to keep more of the profits of Venezuela's natural resources for Venezuela.

If I was a betting person, I'd put $50 on an outrageous Bush administration tongue lashing by the end of next week. On something totally unrelated, of course. Like maybe the serious threat that Chavez poses to the stability of Latin America with all of his treaty making, bicycle manufacturing and oil selling.

Though in theory at least, the Bush administration shouldn't have any problem with the proceeds from a country's natural resources benefitting its citizens. In 2003, then Secretary of State Colin Powell thought it was a good idea for Iraq:

... Powell said the United States is "studying different models" of how Iraq's oil fields would be operated under a U.S.-led occupation, "but the one thing I can assure you of is that it will be held in trust for the Iraqi people, to benefit the Iraqi people. That is a legal obligation that the occupying power will have." ...

That was the administration position in 2003. It doesn't appear that the Iraqi people have really felt any benefits from the sentiment, just as through tax avoidance the American public doesn't always see any benefit from our nation's resources, it's kind of nice to see a government that takes such a laudable notion seriously.

Posted by natasha at September 22, 2005 06:41 PM | International | Technorati links |

considering that 15% of the oil we use comes from venezuela, you would be making a wise bet on hearing from bush administration in the next week or so... here is a little info... avg price for a gallon of gas in the U.S. is nearly 3.00 USD. how fortunate for the folks in venezuela who buy gas for 0.12 USD. gas prices in the U.K. are nearly 7.00 USD. makes you wonder... of all the countries in the world, which country would you think makes the most amount of oil each year? i would suspect saudi arabia... i would be incorrect. they are 2nd to united states. U.S. is the largest... producing 12.8% of the worlds oil... nearly 9.4 million barrels a day! just a thought.

Posted by: V at September 22, 2005 08:13 PM