No David, I have lived through Chavez's actions. I worked for ConocoPhillips when he tore up the contracts. We had invested hundreds on millions of dollars to upgrade the heavy oil there. It is a very expensive and capital intensive process. We created numerous jobs there related to our activities there, and we were responsible operators. When oil prices went up, Chavez tore up the contracts and tried to make everyone sign new contracts that jacked up the tax rates. We refused, and he seized all of our assets. So I am certainly anti-Chavez, but it has nothing to do with urban legends.
Second, of course PVDSA has underinvested. That's because their revenues are being diverted. You can't operate an oil company that way; it is too capital intensive. This is Chavez running the industry into the ground.