Sean Penn: reporters who call Chavez a dictator should be jailed!

This icon of the left made no mention of Chavez shutting down all radio and television stations that oppose him but he’ll probably get around to that when he has time.

Last anti-Chavez TV station to be shut down

Death to America, amigo!

Jimmy Carter was unavailable for comment.

Oil exploration companies agreeing to do business with Chavez is as stupid as Wall Street bankers donating to Obama

Yet both groups keep doing it. Death wish? Today Chavez expropriated the equipment of oil services companies hired  by that benighted country to explore for oil.

They’ll always have the Bolivar

U.S. freezes accounts of Miami money-launderer, cuts off Venezuela’s source of black market dollars. Trouble is, it seems nobody in Venezuela, including its nationalized oil industry, likes the “Strong Bolivar” Chavez has introduced. No dollars means the country’s economic system will have to run on a currency worth less than a plate of refried beans. Too bad.

By the way, assuming that this Justice Department move started before January 21st, this salutary move comes courtesy of that befuddled cowboy, now retired to Texas. Thank you, Mr. President.

So we give him TARP money – isn’t he a pal of Dodd’s?

"How much for a barrel? Shoot!"

Hugo Chavez’s nationalization drive is slowed, socialism failing as oil revenues plummet. Couldn’t happen to a nicer guy. Chris Dodd mourns.

South American Zimbabwe

Last week it was rice factories, today it’s Cargill and other food producers. Chavez is nationalizing everything the Venezuelans need to produce (oil) or eat. If you believe the polls, I suspect a larger percentage of leftists in the United States support this kind of expropriation and would welcome it here than Venezuelans do. But then, so far, only the Venezuelans have to live with the consequences.

Poor Hugo

The price of oil has dropped way below what Venezuela needs to support its promise to pay all friends of Hugo a zillion quadrillion pesos each, so what can Hugo do? Well, how about pumping more oil? Yeah, that’s the ticket! There are a couple of problems with this, even overlooking his previous promise to punish us by pumping less. First, he’s fired everyone who knew anything about producing oil and replaced them with party hacks so oil production is plummeting, not increasing. Second, he’s nationalized and confiscated the property of oil companies foolish enough to have remained after his ascension to power, so there’s no one around to increase production. Third, his latest plan calls for new oil companies to come in where others were expropriated and supply $20 billion because Hugo doesn’t have it. Assuming there is someone stupid enough to join Chavez in his delusions (what’s China doing with its cash these days?) they’ll deserve everything they lose when Chavez pulls the football away once again.

Personally, I doubt anyone is that stupid and I think Chavez is going down hard. Too bad he’ll bring Venezuela down with him but they voted him in, so that’s tough. We all get the government we deserve, which is what has me so worried these days.

Chavez watch

Venezuela owes its oil contractors billions and can’t pay. Unfortunately for Hugo, the folks he owes are foreigners and won’t work for nothing. He’s already fired all his countrymen who knew anything about producing oil and replaced them with political flunkies, so what’s he going to do now? I weep.

CARACAS, Venezuela – Venezuela‘s state oil company is behind on billions in payments to private oil contractors from Oklahoma toBelarus, some of which have now stopped work, even as President Hugo Chavez funnels more oil revenue to social programs.

Petroleos de Venezuela SA, or PDVSA, says unpaid invoices jumped 39 percent in the first nine months of last year — reaching $7.86 billion in September. And that was when world oil was selling for $100 a barrel.

With prices plummeting by more than half, PDVSA is trying to renegotiate some contracts. But analysts say hardball tactics to reduce charges from crucial service providers could backfire by lowering Venezuela’s oil output. And foreign debt markets are reflecting jitters about Venezuela’s finances.

Oil accounts for 94 percent of Venezuela’s exports and funds nearly half the socialist government’s budget, and Chavez uses it to bankroll an international aid bonanza, showering allies with cheap fuel, refining projects and cash donations.

But U.S. contractor Helmerich & Payne Inc. said last week that it has stopped drilling with two of its 11 oil rigs in Venezuela because of delayed payments. The Tulsa, Oklahoma, company says it will stop three more rigs by the end of February and the rest by the end of July if PDVSA doesn’t begin to pay off a debt it puts at nearly $100 million.

A bad market will do that to a fella

 Hugo needs $85 a barrel oil to stay in power and it’s trading at less than $40. What to do? Invite western oil companies to come back, pretty please? Are they that dumb? Hell yes!