Oil Output Slumping in Venezuela, Future Uncertain
Chavez expelled private oil companies in 2007, and the specialized skills they possessed
Perhaps Hugo Chavez's biggest mistake was expelling foreign oil companies in 2007.
The move by the late firebrand Venezuelan leader also erased from his country the skills required for exploiting the country's vast oil reserves. He should have let them stay – and taxed the companies heavily. However, oil executives should pause for thought before they book a flight to Caracas following Mr Chavez's death last week.