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  1. #1
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    Take Your Oil and Shove It

    Exxon Mobil cut off from Venezuela's oil - CNN.com

    Exxon Mobil cut off from Venezuela's oil

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

    President Hugo Chavez has said Exxon Mobil is no longer welcome to do business in Venezuela.





    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 currently the United States' fourth largest oil supplier.
    Tuesday's announcement by state-run Petroleos de Venezuela SA, or PDVSA, was limited to Exxon Mobil, which PDVSA accused of "judicial-economic harassment" for its efforts in U.S. and European courts.
    PDVSA said it "has paralyzed sales of crude to Exxon Mobil" and suspended commercial relations with the Irving, Texas-based company.
    "The legal actions carried out by the U.S. transnational are unnecessary ... and hostile," PDVSA said in the statement.
    It said it will honor any existing contracts it has with Exxon Mobil for joint investments abroad, but reserved the right to terminate them if permitted by the terms of the contracts.
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    The impact of the decision on Exxon Mobil, the world's biggest publicly traded oil company, was not immediately clear. Both Chavez and Oil Minister Rafael Ramirez previously said the company is no longer welcome to do business in Venezuela.
    Exxon Mobil spokeswoman Margaret Ross declined to comment on the move by Venezuela but said that "it is our long-standing practice to take appropriate steps to meet our customers' needs."
    Exxon Mobil is challenging the Chavez government's nationalization of one of four heavy oil projects in the Orinoco River basin, one of the world's richest oil deposits.
    A British court issued an injunction last month temporarily freezing up to $12 billion of PDVSA's assets.
    Other oil companies including Chevron Corp., France's Total, Britain's BP PLC and Norway's StatoilHydro ASA have negotiated deals with Venezuela to continue as minority partners in projects. ConocoPhillips and Exxon Mobil balked at the government's tougher terms and have been in compensation talks with PDVSA.
    Earlier Tuesday at an energy conference in Houston, Exxon Mobil senior vice president Mark Albers declined comment on any court proceedings with Venezuela, though he said the company is eager to negotiate fair compensation for its assets. Exxon Mobil is taking the dispute to international arbitration, to which Venezuela has agreed.
    Venezuela's announcement came after Ramirez, the oil minister and PDVSA president, reiterated in a newspaper interview Tuesday that Venezuela is ready to cut off oil supplies to the United States if pressed into an "economic war."
    "If they want this conflict to escalate, it's going to escalate. We have a way to make this conflict escalate," Ramirez was quoted as saying.
    The White House on Tuesday declined to comment on Venezuela's threat. "When there's a litigation that's ongoing, different parties will say anything to try to win over on an argument," said White House press secretary Dana Perino.
    Meanwhile, Venezuelan state television has begun airing short anti-Exxon segments, with a message appearing on the screen in red text reading: "Exxon Mobil turns oil into blood."
    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.
    Some analysts say it would make little sense for Chavez to follow through on his threats because Venezuela owns refineries in the United States that are customized to handle the South American country's heavy crude.
    Ramirez said Venezuela is selling the U.S. a daily average of 1.5 million barrels of crude and other products derived from oil


    CFH HMagic bball season next year.
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    Re: Take Your Oil and Shove It

    This is an interesting move for Chavez. I can never tell if he has thought out his decisions and is an excellent strategist or if he is acting like a five year old who just got his toys taken away. I like the move to nationalize Venezuela's oil, it should be good for the people of Venezuela, and though probably not too good for American gas prices, it could force us to explore other alternatives.


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    Re: Take Your Oil and Shove It

    I suspect Exxon will also sue for his heavy oil refineries in the states.


    CFH HMagic bball season next year.
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    Re: Take Your Oil and Shove It

    Quote Originally Posted by Bewilderme View Post
    This is an interesting move for Chavez. I can never tell if he has thought out his decisions and is an excellent strategist or if he is acting like a five year old who just got his toys taken away. I like the move to nationalize Venezuela's oil, it should be good for the people of Venezuela, and though probably not too good for American gas prices, it could force us to explore other alternatives.
    Sean Penn, is that you?

    I agree with something that I believe Alaskaguy has been saying. This move does absolutely nothing to change the global supply of oil, so the net effect for global, and therefore US oil prices, is approximately zero.



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    Re: Take Your Oil and Shove It

    Quote Originally Posted by Bewilderme View Post
    This is an interesting move for Chavez. I can never tell if he has thought out his decisions and is an excellent strategist or if he is acting like a five year old who just got his toys taken away. I like the move to nationalize Venezuela's oil, it should be good for the people of Venezuela, and though probably not too good for American gas prices, it could force us to explore other alternatives.
    The problem with Iran, and Cuba, and now Venezuela is not that they are Commies or Terrorists, it is they have no respect for other nations, or the rule of law. Their inability to respect property rights makes it so that no other nation can deal with them in any constructive fashion.

    The reason why these countries are often poor and primitive has everything to do with business and other nations not knowing if they'll get paid for that shipment of widgets, or if their respective national governments will just march soldiers up to the boxes on the docks and just take them.

    Good on Exxon for seizing the assets of this madman.



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    Re: Take Your Oil and Shove It

    Quote Originally Posted by Cyclonepride View Post
    I agree with something that I believe Alaskaguy has been saying. This move does absolutely nothing to change the global supply of oil, so the net effect for global, and therefore US oil prices, is approximately zero.
    Seriously? There is tension! Wall Street is whizing its pants over what might happen!

    That has to be good for a .20-.30 hike, doesn't it?




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    Re: Take Your Oil and Shove It

    What I think is kind of ridiculous is that when I was in Alaska 2 summers ago, by Dad and I drove up to Prudhoe Bay on the Arctic Ocean in a Ford Taurus. We went on a tour of the facilities there and were told that the U.S. could survive on the oil reserves in Prudhoe Bay for about 40 years alone. That is assuming we get oil from nowhere else but there. This makes the oil prices all the more ridiculous.

    Also, the Arctic Ocean is very cold.


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    Re: Take Your Oil and Shove It

    Quote Originally Posted by Cyclonepride View Post
    Sean Penn, is that you?

    I agree with something that I believe Alaskaguy has been saying. This move does absolutely nothing to change the global supply of oil, so the net effect for global, and therefore US oil prices, is approximately zero.
    The markets understand this also.

    Crude oil prices didn't do much on Wednesday and Exxon shares actually rallied, up more than 1%.

    The take on Chavez is that any Venezuelan shutdown will be short-lived, since the impoverished socialist bastion needs to sell oil to generate revenue to fund an array of government programs. On top of that, the country tends to export heavy grades of crude that are difficult to refine outside the U.S.

    I won’t cry for their poor uneducated masses since they continue to keep this idiot in power

    Socialism at its best!


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    Re: Take Your Oil and Shove It

    Why not just stop getting oil from Venezuela for about 6 months. They will be begging for our business by then.



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    Re: Take Your Oil and Shove It

    Quote Originally Posted by tyrelrobert View Post
    Why not just stop getting oil from Venezuela for about 6 months. They will be begging for our business by then.
    Yea and then we can pay 10 bucks a gallon at the pump. How bout not. We get about 10% of our oil from them. And we thought gas prices were high now.



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    Re: Take Your Oil and Shove It

    Quote Originally Posted by Tweedt4Cy View Post
    Yea and then we can pay 10 bucks a gallon at the pump. How bout not. We get about 10% of our oil from them. And we thought gas prices were high now.
    Not true. As long as Venezuela sells their oil to somebody, the price the US pays for oil should not be impacted.

    Secondly, where do you think that the refineries are that can refine the heavy Venezuela crude? If you answered the US you gave the correct answer.


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  12. #12
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    Re: Take Your Oil and Shove It

    nevermind... wrong thread


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    Re: Take Your Oil and Shove It

    Isn't Citgo owned by Venezuela? Why buy gas there when you can go elsewhere?


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    Re: Take Your Oil and Shove It

    Of course, a simple naval blockade of Venezuela would shorten supplies slightly, and we would have a bit higher prices for awhile, but I doubt Chavez could survive it for long.



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    Re: Take Your Oil and Shove It

    Conoco is a hold out so far also.


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