Venezuela Asserts Control as Energy Prices Rise

NPR | By Julie McCarthy

Published May 2, 2006 at 4:00 PM EDT

In Venezuela, President Hugo Chavez moves to tighten control of the country's oil reserves at a time when oil is at record levels and no slackening of prices is in sight.

Analysts say the result is that Chavez is rewriting the rules of oil investment, forcing huge companies to share ownership and profits with the Venezuelan government.

Chavez's plan doesn't call for nationalizing the energy industry; instead, it calls for forming what some experts call "hybrid socialism." And oil companies, while unhappy, are not racing for the door. After all, a minority share is better than no share at record prices.

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SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

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