In Venezuela, President Hugo Chavez marked May Day by seizing control of the country’s remaining privately held oil projects, including what might be the world’s richest oil fields, the Orinoco Belt. President Chavez made the announcement before thousands of supporters. He said the move was part of an effort to reclaim the country’s resources for the people of Venezuela.

Hugo Chavez: “Today’s ceremony on May 1 is a historic act. And it’s going to permit us to intercede with force and weight in the new history that we are building every day. Today, we put an end to a perverse cycle that was opened here more than 10 years ago.”

The international oil companies ConocoPhillips, Chevron, ExxonMobil, BP and Total agreed to the transfer of operational control. Venezuela is allowing the private oil companies to remain in the country, but the state oil company has become the majority stakeholder in every project.