Hey Mouse, is any other country that lives on oil exports going tits up?

"Mr. Chávez has expelled or seized the assets of foreign companies capable of properly maintaining the country's fields, including ExxonMobil and ConocoPhillips."

Then: In anticipation of Thursday's Carabobo oil field auction, outspoken Marxist president Hugo Chavez quietly pleaded for foreign investment.
"Investment and experience from foreign oil firms is necessary in Venezuela. We need it," Chavez said.

The statement is a serious turnaround for a government that has nationalized dozens of foreign oil companies in recent years. But they 'need' foreign investment because mismanagement is turning the country into another failed petro-state.

This is also the second instance of Chavez backtracking today.

Chavez reversed a six-year ban on the sale of U.S. dollars by Venezuela's central bank, in an effort to control the vast amount of money that was leaving the country through unregulated exchange, according to Bloomberg.

He had previously threatened to "burn the hands" of speculators who speculated against the bolivar.
Riots Disrupt Venezuela's Biggest Oil Auction In Years

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Hugo Chavez targets Venezuela media
The Venezuelan leader says the steps he is taking shift communications 'hegemony' away from private interests to the people, but critics express fear for free speech rights.
July 22, 2009 LA TIMES:

CARACAS, VENEZUELA â€" Venezuelan President Hugo Chavez has made moves to tighten government control over national media, say critics who warn that the Internet and social networking sites such as Facebook and Twitter could be his next target.

Chavez recently announced that the government would review the licenses of and possibly close as many as 240 radio stations -- more than one-third of all AM and FM broadcasters. He has proposed rules that would limit the sharing of programming by stations, something that helps many stay economically viable.