Chávez Plans to Take More Control Of Oil Away From Foreign Firms.

The article discusses the possibility that Venezuelan President Hugo Chavez will move towards the nationalization of the oil industry in his country. The Congress of Venezuela is debating whether or not to raise taxes and royalties related to oil operations in the Orinoco River basin. State-run Petroles de Venezuela SA, known as PdVSA, has recently taken over several private companies' oil-production sites, and even seized two oil fields. The Venezuelan Congress' actions and their impact on the global economy, specifically oil prices, is assessed.