Tuesday, November 8, 2011

What other countries like Venezuela have nationalized their oil?

All countries with known oil reserves have nationalized them with exception of the US. The US has what can best be described as de facto (as opposed to de jure) nationalization as the government has simply umed authority over drilling, exploration, refining, marketing and distribution. So called “private oil companies” are private only in the sense that they are not directly run and managed by government appointees. But they are subject to bureaucratic collectivism to the same degree as the legitimately nationalized companies.

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