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Update: President Chavez cuts off Exxon Mobil oil supply

 
13 578 views Feb 13, 2008
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Update: President Chavez cuts off Exxon Mobil oil supply

Update: President Chavez cuts off Exxon Mobil oil supply

Update: Venezuelan President Hugo Chavez has cut off supply of oil to Exxon Mobil in retribution for its legal action against the Venezuelan national oil company Petroleos de Venezuela. A report from MSNBC relays a state-run television ad that displays the text, "Exxon Mobil turns oil into blood". It looks like the U.S.-Venezuela oil wars are underway. Here's hoping for a peaceful and sensible resolution to the problem - before fuel prices go through the roof.

Original: As if oil prices weren’t already high enough, Venezuelan President Hugo Chavez is now threatening to cut off oil supplies to the U.S. depending on the outcome of a court case between Exxon Mobil and state oil company Petroleos de Venezuela. Exxon Mobil has gone after the assets of the Venezuelan oil company because of fears of the nationalization of a multibillion dollar oil project by Chavez's government.

The assets, which total some $12 billion, have been frozen by a British court, which led Chavez to make an outburst on local radio. "If you end up freezing Venezuelan assets and it harms us, we're going to harm you." Chavez explained on his weekly radio and television program, "Do you know how? We aren't going to send oil to the United States. Take note, Mr. Bush, Mr. Danger."

This isn’t the first time Chavez has threatened to cut off oil shipments to the U.S. He does the same every time Washington tries to oust him from his job, reports The Detroit News. If the oil does stop, however, it would have a significant effect on prices considering Venezuela accounted for about 12% of U.S. crude oil imports last year.



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Comments (13)

  1. By chris Posted: 2/11/2008 9:27am PST

    who cares... chavez is a friggen left wing crack head. canada is the biggest oil supplier to the states anyways... chavez ranks #4 on imports to the states. u guys will be just fine. he'll supply oil to some one else and then their old supplier will supply you guys.

    and gas prices aren't high. hell... gas prices are 20% higher in canada,.. and we make the stuff. and then we sell it to you guys and u get it cheaper than we do.

    just think.... oil has gone from like 35 a barrel to 90 something a barrel... almost tripled in value... has the price at the pump tripled? not yet. dont complain about the price.. theres a buffer and it hasnt run out yet. even if the price of crude drops... gas prices will go up before they go down. take that from some one who knows people in the refinery business. expect to pay more at the pump sooner. or pay what you are now... for a longer period of time. but prices are up. and they will stay like that for a long long while
     
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  2. By ohmy Posted: 2/11/2008 3:41pm PST

    someone should just .50 cal this guy already, what a joker
     
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  3. By MARIO Posted: 2/11/2008 6:38pm PST

    Chris is stupid, as you all can see. And he knows nothing about oil bussiness, econimics etc.
    Do I really need to say why?
     
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  4. By the gamper Posted: 2/13/2008 1:33pm PST

    I dont think he has actually done it yet. Even the MSN report you quote doesnt say the threat has been carried out.
     
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  5. By the gamper Posted: 2/13/2008 1:36pm PST

    I take it back, looks like they did.
     
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  6. By chris Posted: 2/13/2008 1:56pm PST

    Mario,.. please explain why I'm stupid. otherwise don't question my intelligence.

    If you so dare as to suggest that Canada is the USA's largest oil supplier, I invite you to dig deeper. We supply more oil to USA than any other country.

    and in case you're wondering.. the price you're paying at the pump reflects the price of oil as it was months (and possibly up to a year) before. It takes a while to get oil from the well to the car. If oil prices stay where they are... expect to pay $4 a gallon before long. Sure, the oil companies are taking in record profits, but the refineries aren't. That will change.

    So please... explain why you think I'm stupid. I welcome it.
     
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  7. By ohmy Posted: 2/13/2008 4:35pm PST

    wow 12%! oh my!!! where will we recover taht 12%.....

    *notesarcasm*
     
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  8. By Kaptain75329 Posted: 2/13/2008 4:35pm PST

    Mario,

    Yes, you really do need to say why. People like you have no problem stating something is stupid or a lie. Then you turn around and expect to be taken at face value and not questioned, having done precisely the opposite by not taking someone at face value and questioning him in public. Sorry, but truth is not automatically associated with you just because you say so. You can either back up your intellectually bankrupt childish rant or you can shut the fuck up. But you cannot escape the same scrutiny you dispense simply because you decide you're above reproach all by yourself.

    Try something else - your original tack doesn't cut it.
     
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  9. By James Posted: 2/13/2008 4:49pm PST

    Well - at least he's right calling Bush Mr. Danger... :D
     
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  10. By HECTOR Posted: 2/13/2008 7:12pm PST

    Chris: word of advise my friend: argue with a fool and people may not notice the difference.
     
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  11. By Gus Posted: 2/13/2008 8:51pm PST

    Chris is dead on right.
    Venezuela is a blip on the rader, the oil market is an international one, it has almost zero to do with who supplies what to whom.
     
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  12. By chris Posted: 2/14/2008 12:44pm PST

    hector,... you too can feel free to explain how you think anything i've said is foolish. feel free.
     
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  13. By MARIO Posted: 2/14/2008 5:07pm PST

    Chris you're not stupid person (electronic engineers aren't :) ), but sometimes you are writing stupid stuff... Sorry, but that's just my opinion.
    I am very close related to oil industry (and I know which countries are USA’s largest oil suppliers, but that is not the most important now).
    You can all see that everything is getting expensive and that we have economical crises all over the world. The problem is not the price you will pay for the gallon of oil or diesel. The problem is that the price of oil dictates the prices of electricity, food, stocks and everything else. Dollar is weak, and that + expensive oil = oil is becoming luxury (In States maybe not yet, but you'll soon have small problems with that, trust me, or don't, as you wish).
    Venezuela took 6th place in petrol-reserves (in the world), and if they decide to cut off supply to U.S. it will affect economy all over the world.

    I am not questioning your intelligence and I did not mean to offend you.
     
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