Hugo Chavez, celebrating Communist New Year in style, has stripped the world’s major oil companies of operational control of drilling projects in the Orinoco Belt. According to Reuters, the companies “are still discussing continued shareholding and compensation in sometimes contentious negotiations before a deadline next month.” Interested shareholders, however, should note that “Oil Minister Rafael Ramirez has said there may not be compensation in some cases.”

Hugo and Fidel: The Love That Dare Not Speak Its Name