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How Will New Tariffs Affect Venezuela's Oil Industry?

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Please use this identifier to cite or link to this item: http://hdl.handle.net/1928/19580

How Will New Tariffs Affect Venezuela's Oil Industry?

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Title: How Will New Tariffs Affect Venezuela's Oil Industry?
Author: Inter-American Dialogue's Latin American Energy Advisor
Subject(s): Latin America
South America
Venezuela
China
Hugo Chávez
Policy
Distribution
Oil
Abstract: On April 21, Venezuelan President Hugo Chávez announced drastic changes to windfall oil tax rates, hiking the tax from 60 percent to 95 percent when oil prices surpass $100 per barrel. The new legislation also raises the taxes to 80 percent when oil prices are between $70-90 per barrel and 90 percent when prices are between $90-100 per barrel. The government has since sought to reassure investors, saying that companies will only pay the higher rates after they recoup their original investment. How are the new taxes likely to affect investment in the country's oil sector in the short- and medium-term? How will the taxes affect the development of Venezuela's Orinoco belt? Are Chávez's social spending projects, funded with oil revenues, achieving lasting results? Experts discuss what they think about this topic.
Date: 2011-05-09
Publisher: Inter-American Dialogue
Citation: Inter-American Dialogue s Latin American Energy Advisor, May 9-13, 2011; pp. 1, 4, 6.
Description: Copyright © 2011, Inter-American Dialogue, used with permission from the publishers
URI: http://hdl.handle.net/1928/19580
Available at: http://www.thedialogue.org

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