Chavez’ oil law under pressure

Venezuela's new hydrocarbons law, approved by presidential decree in November and due to come into force at the start of this month, may, by now, be on hold. A nationwide strike on 10 December, in response to a package of economic reforms proposed by President Hugo Chávez – particularly concerning land reform, but also elements of the oil law – brought businesses to a grinding halt. Fedecamaras, the country’s largest business confederation, called the strike to protest at the proposed widening of the state’s role in various industries.