Venezuela Leader Takes Over Last Private Oil Fields

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BARCELONA, Venezuela -- President Hugo Chavez's government took over Venezuela's last privately run oil fields Tuesday, intensifying a power struggle with international companies over the world's largest known single petroleum deposit.

Newly bought Russian-made fighter jets streaked through the sky as Chavez shouted "Down with the U.S. empire!" to thousands of red- clad oil workers, calling the state takeover a historic victory for Venezuela after years of U.S.-backed corporate exploitation.

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Venezuela Leader Takes Over Last Private Oil Fields

"The nationalization of Venezuela's oil is now for real," said Chavez, who declared that for Venezuela to be a socialist state it must have control over its natu...

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