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    Repiglican Roast

    A spirited discussion of public policy and current issues

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    Location: The mouth of being

    I'm furious about my squandered nation.

    Wednesday, April 16, 2008

    Venezuela approves $9 bln oil windfall profit law. Go Hugo!

    [...[

    The government will take in about 92 cents for every extra dollar when world prices are above $70 a barrel and then 97 cents when they are above $100 a barrel, his oil minister, Rafael Ramirez told reporters.

    "Through the concept of this tax, there's going to be income around $9 billion. That's $770 million a month and an average of $150-$200 million a week." Ramirez said after explaining the law to Congress before it was passed.

    World oil prices hit a record above $114 a barrel Tuesday.

    Chavez's new move against oil companies is part of a worldwide trend where oil-producing nations have sought to extract more revenue from foreign companies who are benefiting from high prices.

    [...]

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