Nancy Pelosi said a few weeks ago that we should nationalize the oil companies. Well, Hugo Chavez has already done that and perhaps we should examine the results. They may be instructive for clueless jackboots like Pelosi who believe the market is some place to go to buy a head of lettuce: Venezuela's daily oil production has fallen by a quarter since President Hugo Chavez won power, depriving his "Bolivarian Revolution" of much of the benefit of the global boom in oil prices. To win allies and forge an anti-American front, Mr Chavez sells oil to friendly countries at low prices. Ironically, the only big customer buying Venezuelan oil at the full market price is the United States, which the president routinely denounces as the "Empire". "As production falls, the sales to the US become more important," said Pietro Donatello, an oil analyst from Latin Petroleum in the capital, Caracas. "Only the US is paying the full amount for Venezuelan oil...(Read Full Post)