Venezuela Halts Oil Sales to Exxon Mobil?

CARACAS, Venezuela (AP) 鈥?Venezuela鈥檚 state oil company said Tuesday that it has stopped selling crude to Exxon Mobil Corp. in response to the U.S. oil company鈥檚 drive to use the courts to seize billions of dollars in Venezuelan assets.





Exxon Mobil is locked in a dispute over the nationalization of its oil ventures in Venezuela that has led President Hugo Chavez to threaten to cut off all Venezuelan oil supplies to the United States. Venezuela is the United States鈥?fourth largest oil supplier.





See link - http://biz.yahoo.com/ap/080212/venezuela鈥?/a>





Question - What are your thoughts ?Venezuela Halts Oil Sales to Exxon Mobil?
The article goes on to read:





';The U.S. remains the No. 1 buyer of Venezuelan oil, and Chavez relies largely on U.S. oil money to stimulate his economy and bankroll social programs that have traditionally boosted his popularity.';





Both sides are posturing for leverage in the high stakes litigation, and Venezuela's threats of cutting off oil to Exxon should be expected given its role as supplier.





It's a chess game with many moves and possibilities, except that the end game of this oil conflict will probably not result in checkmate. Both sides have a lot to lose, and a mutually agreeable resolution is necessary to prevent heartburn by both parties.Venezuela Halts Oil Sales to Exxon Mobil?
The price of gas will go up so exxon can still make 40 billion dollars this year.


If you ask me Chavez has some good ideas in trying to take care of his own people first. Unlike the treasonous companies and the government who allows them to outsource to other countries to save a buck. Then on the other hand they accept their multimillion dollar bonuses at the cost of their fellow contrymen.


Mexico has caught up to the United States. Some one please explain to me how this is acceptable. NAFTA was supposed to bring Mexico up to our level not down to theirs.


I think its great that Chavez actually held a big business company responsible for their actions!!!!
Better dust off that bike 'cause gas will go through the roof. Trust and believe that oil companies will use any excuse to drive up the price of gas no matter how much money they already have.
It doesn't surprise me at all, it only makes sense that Venezuela would do this considering they're becoming a quasi-socialist dictatorship.
That's a good start. I'm tired of giving money to the government of Venezuela. Now if only we could stop giving money to all those slimy oil producing countries in the middle east.