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Figure 13: Oil Prices in USD/b Yearly Average 120 110 100 90 80 70 60 50 40 30 20 Brent WTI Source: US Department of Energy i) The ascendency of resource nationalism Resource nationalism can be defined as the effort by resource-rich nations to shift political and economic control of their energy and mining sectors from foreign and private interests to domestic and state-controlled companies.6 Contrary to previous oil shocks, the price surge that started in 2004 was seen as structural and likely to continue in the long term. Growing demand for oil products from industrializing economies, coupled with the decline of conventional petroleum reserves, encouraged governments to extract more rents from petroleum resources. This coincided with the ascendency of populist regimes, particularly in Venezuela, which used petroleum wealth as a tool to project geopolitical influence and to replace market liberalization policies adopted in the previous decade. The new policies centered on government control of strategic assets. Venezuela and like-minded countries also used resource nationalism to consolidate political power through “nationalizations” and government spending aimed at reducing poverty. The recent wave differs from those of the past.7 Previous nationalizations were often promoted by a local technical elite supported by a nationalist administration or by a military regime with industrialization ambitions. Today “nationalizations” are the work of populist leaders with a mercantilist focus that prioritizes rent maximization. In Venezuela, President Hugo Chávez “nationalized” an industry that had been nationalized in 1976 then reopened by the Carlos Andrés Perez government in the 1990s. Chávez’s “nationalization” did not 6 Ian Bremmer and Robert Johnston, “The Rise and Fall of Resource Nationalism,” Survival, (2009) 51:2, 149-158. 7 Latin America’s petroleum nationalization started in Mexico in 1936. The first national oil company was created in Argentina in 1922. 13 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000PDF Image | Infrastructure and Environment Department
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