IV 

110TH CONGRESS 

1ST SESSION H. RES. 560 

Regarding the recent actions of Hugo Chavez and the Government of 

Venezuela. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 19, 2007 

Mr. BARTON of Texas (for himself, Mr. HASTERT, Mr. MACK, Mr. UPTON, 

Mr. BURGESS, Mrs. MYRICK, Mr. RADANOVICH, Mrs. BONO, Mr. BUYER, 

Mr. SULLIVAN, Mr. SESSIONS, Mr. CARTER, Mr. MCCAUL of Texas, Mrs. 

BLACKBURN, Mr. WESTMORELAND, Mr. WALBERG, Mr. PETERSON of 

Pennsylvania, Mr. BURTON of Indiana, Mr. CULBERSON, Mr. DAVID

DAVIS of Tennessee, Mr. CAMPBELL of California, Mr. ISSA, Mr. FRANKS

of Arizona, Mr. LAHOOD, Mr. WOLF, Mr. CONAWAY, Mr. PEARCE, Mr. 

DEAL of Georgia, Mr. MCCARTHY of California, Mr. WILSON of South 

Carolina, Mr. GILLMOR, Mr. SAM JOHNSON of Texas, Mrs. DRAKE, Mr. 

FEENEY, Mr. SMITH of Texas, Mr. CALVERT, Mr. STEARNS, Mr. COLE

of Oklahoma, Mr. TIAHRT, and Mr. SHADEGG) submitted the following 

resolution; which was referred to the Committee on Foreign Affairs 

RESOLUTION 

Regarding the recent actions of Hugo Chavez and the 

Government of Venezuela. 

Whereas the sanctity of contract is fundamental to the global 

economic well being; 

Whereas respect for private property forms the back bone of 

legitimate trade and investment; 


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•HRES 560 IH 

Whereas Hugo Chavez and the regime he controls have unjustly taken control of majority stakes of Venezuelan operations of 6 major energy companies; 

Whereas Hugo Chavez and the Venezuelan national oil company, Petroleos de Venezuela, has stripped all operational 

control from the companies that have invested time, 

money, and hard work creating energy development 

projects in Venezuela; 

Whereas American scientists, engineers, and business people 

have provided the talent and capital to create these 

projects benefitting the people of both nations; 

Whereas the shareholders of 2 major American energy companies have been robbed of over $3,500,000,000 in investments and tens of billions of dollars in potential earnings as a result of these companies having been driven 

from the market; 

Whereas following these events, the companies’ shareholders 

immediately saw a significant loss in the value of their 

investments; 

Whereas these events may produce a strong deterrent to investment by private energy companies thereby limiting 

the world’s supply of petroleum; 

Whereas according to many energy experts, the cost of developing these resources has increased and ultimately the 

people of Venezuela will be hurt economically by these decisions; 

Whereas the nationalization of industry is a misguided economic model; and 

Whereas the actions of Hugo Chavez continue to threaten 

international energy security: Now, therefore, be it 


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•HRES 560 IH 

1 Resolved, That the House of Representatives— 

2 (1) expresses its outrage over the recent actions 

3 of Hugo Chavez; 

4 (2) encourages the protection of investment and 

5 respect for the sanctity of property rights; 

6 (3) recognizes the hard work and contributions 

7 of American workers, engineers, and scientists 

8 abroad, without whom, these projects in Venezuela 

9 would not exist; 

10 (4) urges American companies to stand up for 

11 the property rights of their shareholders in the face 

12 of unjust practices; and 

13 (5) urges the United States Government to con14 tinue providing a model of public-private cooperation 

15 to the world in delivering on the energy needs of its 

16 citizens. 

Æ 


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