Venezuela halts oil sales to Exxon Mobil?

Any word on if and how much this will affect the price of gas?





http://www.msnbc.msn.com/id/23133939/Venezuela halts oil sales to Exxon Mobil?
Yeah, I heard Chavez is developing WMDs. Lets go get it, err, I mean him!





Edit:





Honest, I didn't mean lets go get the oil or anything like that when I said ';lets go get it.';





And yet another Edit:





All kidding aside, I wonder how Exxon's claims will hold up under arbitration and more importantly, I wonder how Chavez will react if international arbitration sides with Exxon? My guess is he will behave like a spoiled little boy!





The US should react on the side of truth and right, and them might if necessary. The world will be watching...





Without a doubt, gas prices will adjust up. Exxon's supply from Venezuela represents 1/20th of our consumption. We have friends in OPEC. Maybe they will argue to hold the line on prices and pump more oil? We'll have to see how this plays out in my opinion. I could only guess at the pump price without more input.Venezuela halts oil sales to Exxon Mobil?
i am willing to pay more for gas just to shove it up that little tyrants nose.
they are losing out not us. I would pay $4.00 a gal if a drop never came from there
It doesn't matter. Venezuela will still sell its oil to the world market. Exxon will just buy oil somewhere else.


Don't kid yourself. Chavez will still sell all the oil he can. As long as Venezuelas oil shows up somewhere on the world market, it won't mean a thing to Exxon or the USA. We don't buy Iranian oil ... but it supplies the world oil need, thus suppressing demand.
Hey. It's their oil.





Actually by limiting the sales of oil the economy can benefit from the oil revenue for a much longer time. It's stupid to follow the oil company's style of selling fast for fast profits.





Oil is also money in the bank. As the price rises the oil in the ground becomes more valuable. Of course, Chavez risks invasion by the US. America is an insufferable animal that thinks it owns everything. Let Venezuela run its own affairs for its own people.
I don't think Chavez would be so stupid to cut off oil to the United States...especially when such shipments represents 25% of their total oil exports.





If that happen (and it won't--for what is Exxon really to do at this point?) it will become a significant problem for Bush and Chavez both---





This, folks, is WHY YOU MUST BE CAREFUL ON WHO YOU ARE DOING BUSINESS WITH--it happened in Cuba some time ago---and I wouldn't be surprised if the same nationalistic sentiment grew in China as well.
I'm afraid the loser will be the average American. we must pay always more for a gallon since the neocons have the gripe on the oil!!