Bolivia nationalizes oil & gas sector

[LiberalPartisan]

A great day for Bolivia!!!

RIO DE JANEIRO - President Evo Morales of Bolivia ordered the military to occupy energy fields around the country on Monday as he placed Bolivia's oil and gas reserves under state control.
Surrounded by soldiers at an oil field operated by the Brazilian energy giant Petróleo Brasileiro, or Petrobras, Mr. Morales ordered foreign producers to relinquish control of all fields and channel future sales of hydrocarbons through the state-owned energy company.

He gave foreign companies 180 days to renegotiate existing contracts with the government, or leave the country.

"The time has come, the awaited day, a historic day in which Bolivia retakes absolute control of our natural resources," Mr. Morales declared, according to The Associated Press. "The looting by the foreign companies has ended."

Continued...

[90-percent]

1. NPR this morning

reported that it was a big error in judgement for Bolivia's prez and they need all these foreign natural gas companies to make any money at all.

What they're doing nationalizing is going to drive the country into deeperpoverty, according to NPR.

PLease explain to me?

-85% Jimmy

[enigma000]

2. I think its going to scare away any future investment

Brazil, France, Spain and Britain all have investments there. This move may make them look for other places to develop.

Certainly Brazil is concerned as it gets much of its natural gas from Bolivia.

[Terran1212]

3. They'd better guard against the CIA NOW!

Everytime a nation has tried to take things into its own hands against US corporations, the CIA is not far behind...

[Jack Rabbit]

4. ¡Viva Evo!

Natiural resources belong to the people of the nation.