Venezuelan president Hugo Chavez announced today that he will go through with his promise to nationalize the oil industry of his country by taking control of the oil fields of eastern Venezuela, currently currently operated by private U.S., British, French and Norwegian companies:

“What we want to do is negotiate…but I’ve given instructions that on May 1st that all of those fields be under our control,” said Chavez, less than a month after announcing that he was going to nationalize the country’s “strategic” industries.

Chavez also announced in the same press conference a new law called “La Ley Habilitante”, which allows him to introduce legislation, by decree, for the next 18 months. He also shrugged off accusations of attempting to take Venezuela farther into a dictatorship, and announced that the Manuel Rosales, says that this is all an attempt to make socialism in Venezuela a reality very soon.

Via / 20 Minutos