International Oil Blackmail – Venezuela takes the lead in the new phenomenon!
Balaji Reddy, Special Correspondent
October 18, 2004

A new phenomenon is emerging, as crude oil price is moving higher and higher. Some nations that are crude exporting countries are considering raising substantially the required royalty payments for certain oil development projects. This at the time of need for more crude oil and resulting possible sever effects on the world economies, is tantamount to blackmailing – a new phenomenon called oil-blackmailing. 
Venezuela gave a nasty surprise to foreign oil companies this past week, raising substantially the required royalty payments for certain oil development projects. With global oil prices above $50 per barrel, there could be more government decisions like this in the making -- and not only in Venezuela.

Nigeria, Mexico and even Russia are considering making it increasing costly for foreign oil companies to explore and export oil to the world. The Middle East is not behind. Saudis are also watchful of the situation and is enjoying behind their veil a $55 per barrel crude.

If this phenomenon gets hold of the world and nations make it difficult for the world to receive the necessary energy, there will be no choice but to go for alternative fuels like Hydrogen, wind, nuclear and clean coal.

America and India are taking the lead in the alternative energy. Both the countries get affected by increasing energy prices.