The Venezuelan government, under Hugo Chavez, has been taking measures to roll back the privatization that took place under his predecessor a decade ago. Although many feared this would cause the multinational oil firms to leave the country, according to an Economist article every last company drilling in Venezuela has stayed, despite the new, tightened restrictions and taxes. I guess this shows that Venezuela, and other parts of Latin America as a whole, are beginning to get the idea that they can bargain on their own terms because of the resources and political strength they now enjoy.
Article here.
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