US Oil Giants Exit Boosts Chavez Only Short-Term

Posted by Matt in June 28th, 2007

President Hugo Chavez won instant political capital by forcing U.S. oil giants from Venezuela but the nationalist moves pose economic challenges that could undermine his socialist revolution.

Chavez, who prides himself on his tirades against U.S. President George W. Bush, this week struck his most costly blow against any company since coming to power in 1999 by seizing oil fields from Exxon Mobil and ConocoPhillips.

Map for Caracus, Venezuela

[Countries link to CIA Factbook. States link to Wikipedia.]

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