Stealing From Democrat Playbook, Chavez Institutes Windfall Oil Tax

They're socialists, it's what they do.

The only difference between Chavez and what the pinheads in this country want is democracy. We at least have opposition.

For now.

Venezuela moved Tuesday to take a greater cut of windfall oil profits, approving a 50 percent tax on foreign oil companies when crude tops US$70 a barrel.

The tax rate would rise to 60 percent when the average monthly price for benchmark Brent crude exceeds US$100, according to the bill approved by Venezuela's National Assembly. The legislation will take effect as soon as it is published in the official gazette.

Revenues from the tax could reach US$9 billion (euro5.7 billion) annually, Oil Minister Rafael Ramirez said after meeting with lawmakers.

"That's why, for the executive branch, it is urgent to create this law," Ramirez said.

The new legislation will let President Hugo Chavez further extend state control over foreign oil companies operating in Venezuela — home to the largest petroleum deposits in the Western Hemisphere — as he steers the nation toward what he calls "21st-century socialism."

Make no mistake the greedy Democrats would do something like this in an eye-blink if left unchecked.

I'm Barack Obama. I don't take money from oil companies or Washington lobbyists, and I won't let them block change anymore. They'll pay a penalty on windfall profits.

Of course, that will never work.