If you can’t blind them with brilliance, baffle them with bull….
Hugo nationalized the oil producers, and now he’s raising the tax on oil.
You read it right.
Venezuela is planning a windfall tax on what it calls “excessive” profits of energy firms to allow state revenues to benefit from high oil prices.
The tax will take 50% of oil revenues above $70 per barrel, and an additional 60% of revenues over $100 per barrel, legislator Angel Rodriguez said.
He told state news agency ABN that oil firms had surpassed “reasonable levels of profitability”.
The move will affect foreign oil firms operating in Venezuela such as Chevron.
Indeed it will, but
The tax will also apply to state oil company PDVSA, which now controls all of Venezuela’s oilfields.
If that makes sense to you, then come and explain it to me in the comments section.
More Bolivarian brilliance at Ace’s: Hugo Chavez Nationalizes Cement Industry, Eats Sandwich Bigger Than His Own Head
I guess he needs money to pay for the subs (and not the sandwich kind but they are bigger than his head). Putin doesn’t look like the kind of guy who takes MasterCard.