Oil tax hiked
The week's news at a glance.
Puerto de la Cruz, Venezuela
Venezuelan President Hugo Chavez this week abruptly raised taxes on foreign oil companies from 1 percent to 17 percent, squeezing them as world oil prices reached record levels. Chavez said he was honoring a pledge to share the nation’s oil wealth with the poor. Venezuela lowered the rate in the 1990s to encourage drilling projects in abundant fields along the Orinoco River. Chavez gave no advance notice to Exxon Mobil and other companies affected by the hike, saying Venezuelan crude remained a bargain compared with prices elsewhere. “We are no longer going to give away our oil,” Chavez said. The effects could soon be felt at U.S. gas pumps; Venezuela is the U.S.’s fourth-largest supplier of oil.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Bangkok: the new 'international capital of fine dining'
The Week Recommends Six Bangkok restaurants rank among the world's best
-
Five of the best luxury watches for women
The Week Recommends From iconic heritage designs to bold contemporary reinventions, these elegant timepieces stole the show at Watches and Wonders 2025
-
Bad news, alpha males. You likely don't actually exist.
Under the radar Most primate communities are egalitarian