Venezuela Slouches Towards Socialism

The slow creep to socialism continues in Venezuela, where [T]hugo Chavez's latest move is to seek to nationalize the fuel distribution companies in the country. Private companies would have 60 days to negotiate a deal with the government, or else face expropriation of their assets.

Venezuela's state-run oil company would control all fuel distribution but would not nationalize gas stations, under a bill that received initial approval in the National Assembly on Wednesday.
Final approval is expected later this week.

This is what the socialists and leftists in the US would love to do - get private companies out of the energy business.

And as usual among the left, Chavez demonizes the oil companies and whatever profits they make. That's on top of the other industries that Chavez already has nationalized. There is more to come:

The law gives distributors 60 days to negotiate the sale of their businesses to the government or face expropriation. It also forces distributors to sell storage tanks and gasoline pumps to PDVSA, and to relinquish their brand names.

A PDVSA subsidiary controls 49 percent of fuel distribution in Venezuela, with the rest controlled by private companies, according to industry representatives.

Under Chavez, the government has nationalized Venezuela's largest telephone, electricity, steel and cement companies and has assumed majority control over four major oil projects.

Also Wednesday, the president said in talks with the Mexican ambassador, the government negotiated a deal that will let Venezuelan authorities take full control of Mexican cement company Cemex SAB's local plants.

Chavez will not be satisfied until all industry is nationalized and firmly within his iron grip.