VENEZUELA: Squeezing the Oil Concessions

A combination of rich oil deposits and relative political stability has long lured investment money and technology to Venezuela. Largely on the strength of this inflow of cash and know-how from the U.S. and elsewhere, the country's living standard has risen to the highest level in South America. Lately, however, a tide of economic nationalism aimed at minimizing outside control of domestic resources has been on the flow in Latin America. Oil investment has been a frequent casualty. Argentina, Brazil, Chile, Mexico and Bolivia have put their oil-producing industries under state ownership....

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