Revolution Delayed

Ever seen a tinpot dictator backpedal? Oil is below $40 a barrel, and Hugo's up for reelection soon, so he's trying to woo back the capitalist swine oil exploiters he's been abusing in an ongoing fit of revolutionary zeal:

CARACAS: President Hugo Chávez, buffeted by falling oil prices that threaten to damage his efforts to establish a Socialist-inspired state, is quietly courting Western oil companies once again.

Until recently, Chávez had pushed foreign oil companies here into a corner by nationalizing their oil fields, raiding their offices with tax authorities and imposing a series of royalties increases.

Why is he crawling back, tail between his legs like the dog that he is? Because he's spent his nation's money on socialist pipe dreams that haven't done anything to improve the lot of the poor. (Are you paying attention, congress?)

Nationalizations in other sectors, like agriculture and steel manufacturing, are fueling capital flight, leaving Venezuela reliant on oil for about 93 percent of its export revenue in 2008, up from 69 percent in 1998 when Chávez was first elected.

Also, although rich in known oil deposits, Venezuelan oil production has steadily decreased because Fidelito didn't invest in his crumbling petroleum infrastructure.

But all the while, Petróleos de Venezuela has faced its own difficulties. It claimed it produced about 3.3 million barrels a day throughout most of 2008. But other sources like OPEC, of which Venezuela is a member, place the figure closer to 2.3 million and show a fall of about 100,000 barrels a day from a year earlier. When Chávez rose to power a decade ago, Venezuela was producing about 3.4 million barrels a day.

Revolution delayed is revolution denied.

http://www.iht.com/articles/2009/01/15/america/15venez.php