Foreign Oil Companies in Venezuela Would Not Give Up

Although Venezuelan president Hugo Chavez started a massive foreign oil companies nationalization, taking over the ownership and control of these producers did not act as a scare tactic for their leaderships.

According to the "Houston Chronicle", Chavez did not negotiate the ownership take over with the multinational companies but simply released new rules and told the multinationals they can either accept them or leave.

The reason why the companies' leadership accepted the regulations is because of the access to Venezuela's massive oil reserves, most of which can be found in the Orinoco River basin, they still retain and thus still increase their profits, although not like they used to.

As if this did not cause enough major concern, Chavez set out on launching worrisome statements regarding the international community, US's relationship with Iran in particular.

During a two-day visit in London, he assessed that should U.S. launch a military strike on Iran, the Islamic republic would respond by attacking Israel.

In a speech that lasted for more than three staggering hours, Chavez cautioned that:" If the United States attacks Iran, among other things, my English friends and the middle-class ... should park their vehicles because oil could reach US$100 a barrel or more".