Bolivia’s Blunder

FT’s Lex Live puts Bolivia’s gas nationalization in perspective:

The biggest loser, therefore, is probably Bolivia itself. Foreign capital and expertise have underpinned the seven-fold increase in the country’s gas reserves since 1997. Neither Venezuela since 2002’s strikes, nor Iran since its 1979 revolution, have regained pre-disruption production levels. Mr Morales may have one eye on the oil price and the other on popular support. Both are short-term, volatile factors. In the oil business, it is better to play the long game.