Axis Of Idiocy

Energy: Bolivia’s new president has moved to nationalize his country’s oil and gas industry, becoming the latest Latin American nation to do so. Bad for Latin Americans? Of course. But bad for the U.S., too.

South America’s major oil producers are key suppliers to the U.S., and nationalization of their crude supplies will lead to less investment, less technology and ultimately less oil.

On Monday, Bolivian President Evo Morales ordered troops to occupy Bolivia’s natural gas fields. He threatened to kick foreign firms out unless they sign new contracts within six months that would make Bolivia’s government the largest shareholder.

Elected last year, Morales is following the lead of Venezuela, where the government of leftist Hugo Chavez has also strong-armed foreign — mostly U.S. — oil companies, forcing them to cede control of property they have invested millions to develop.

Investor’s Business Daily