Word: venezuela
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Dates: during 1970-1979
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Today, the virulent nationalism sweeping the continent most frequently focuses on a highly visible target: the U.S.'s $13.8 billion worth of investments, principally in mining, oil and manufacturing. Venezuela has served notice on foreign oil companies that it has no intention of extending their concessions, which begin to expire in 1983 (see BUSINESS). Peru's left-leaning military junta has already taken over the International Petroleum Co., a Standard Oil of New Jersey affiliate. Socialist Chile has expropriated-with compensation yet to be determined-U.S. copper mines whose worth is estimated at between...
...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. In Peru, the largest...
Until recently, Venezuela, the world's largest oil exporter, remained immune to this nationalistic fever. Now it, too, is succumbing. Last week President Rafael Caldera signed into law a bill nationalizing natural gas. Foreign participation in ownership of banks in Venezuela has been restricted, and a new law setting more stringent standards for investments from abroad is in the offing. But for U.S. investors the most worrisome measures are those that the government has directed toward its foreign-supervised oil concessions...
...worst previous disaster occurred in Venezuela in 1969, when 155 died...
...boycott was most effective during Israel's early days as a state, largely because oil had to be shipped from remote Venezuela at an extra annual cost of $15 million. Now the oil comes from close at hand-some small amounts from the Sinai, some from Iran, and some, according to angry Arab nationalists, even from Saudi Arabia, on the sly. Today the boycott costs Israel up to $10 million a year, paid out in commissions to middlemen representing firms that will not deal directly with Israel. But that figure is hardly significant compared with Israel's annual...