Venezuela OKs Taxing Oil Companies' Profits

Venezuela moved to take a greater cut of windfall oil profits, approving a 50 percent tax on foreign oil companies when crude tops $70 a barrel. The tax would rise to 60 percent when the average monthly price for benchmark Brent crude exceeds $100. The legislation will take effect as soon as it is published in the official gazette. revenues from the tax could reach $9 billion annually. Wow! That's a heap of money. Crude oil reached about $118 yesterday if I remember right.