Venezuela's Maduro Wins Power Over Oil Despite Court Reversal

Reuters ^ | April 2, 2017 | Alexandra Ulmer

[C19fan]

The Venezuelan Supreme Court may have amended part of its explosive decision to take over the opposition-led congress, but it still gives embattled leftist President Nicolas Maduro broad new powers over the OPEC nation's vast oil wealth.

The reversal on Saturday came after political leaders worldwide and street protesters at home accused the pro-government court of effectively making Maduro a dictator.

[C19fan]

Looks like Maduro has the green light to sell off PDVSA to the Chinese and/or Russians.

[MeneMeneTekelUpharsin]

Castro II

[Billthedrill]

Maduro's cash-strapped government now has the autonomy to sell stakes in Venezuela's oil fields, which contain the world's largest reserves, or launch new joint ventures with foreign firms.

Hmm...wasn't that pretty much the same situation they were in pre-Chavez? You'd figure the companies would be knocking at the door...

Firebrand Hugo Chavez, president until he died in 2013, led a wave of oil nationalizations in Venezuela as part of his self-styled "21st century Socialism."

Oh, yeah, that. They're going to have to come up with a sales pitch better than "We won't steal it this time, honest." Best of luck with that one.

[KyCats]

The left has used this tactic since at least 1917:

Two steps forward and one step back.

As opposed to leaders on the right who seem to do the opposite:

https://www.youtube.com/watch?v=lTHCwU9rUdY

[BfloGuy]

Anyone who buys a stake in Venezuela’s oil company deserves to have it stolen right back from them — which it surely will be.