Nationalization of Oil in Bolivia

The nationalization of oil in Bolivia refers to the government’s decision to take control of its oil resources from foreign companies, primarily in the early 2000s under President Evo Morales. This move aimed to ensure that the country benefits more directly from its natural resources, increasing revenue for public projects and reducing foreign dominance in the sector. By nationalizing, Bolivia prioritized public ownership, enhancing its sovereignty over oil and gas industries, and reinvesting profits into national development initiatives. This process was part of a broader effort to assert economic independence and promote social equity.