Chavez just stuck it to America

[Karnajj]

Just heard that Chavez has followed through on his threat to suspend oil sales to the U.S. by cutting off Exxon/Mobil. This just happened so I don't have any of the details yet. This could get really bad really quick. :sad:

[Double L]

I sure heard about it too! Doesn't look good at all!!!! :shock:

[Mr. Ford95]

For one, good, we don't need to be dealing with a punk like him no matter what. Second, I don't buy Exxon-Mobil so where I buy should stay the same price......doubt that happens though, everyone will raise their prices to gouge the rest of us.

[evertruckerr]

February 12th, 2008
Venezuela to suspend crude shipments to ExxonMobil
Posted: 07:20 PM ET

(CNN) — Venezuela’s state oil company, Petroleos de Venezuela S.A. (PdVSA), has decided to suspend its relationship with ExxonMobil, including the sale of crude oil and other products, the company said Tuesday in a statement.

Venezuelan President Hugo Chavez threatened the action last week, after ExxonMobil obtained a court order freezing up to $12 billion of PdVSA’s assets, an action it sought after the Chavez government forced the company out of two joint ventures last year.

“The measures requested by ExxonMobil against PdVSA do not correspond with the solid economic and financial profile of PDVSA, a company whose assets are well over $109 billion , or with the history of payments by the Venezuelan holding company, and even less with ExxonMobil assets in Venezuela,” PdVSA said in its statement. “Therefore, the actions launched by the American multinational are unnecessary, harassing and hostile to PdVSA.”



This could get messy. How long do u suppose it will b4 diesel hits $4.00

[Roadhog]

Exxon/Mobil abandoned their projects rather than sustain any further losses or lack of profits.

Chavez has been wiping out investments and nearly half of the industrial base, as he is trying to build a Socialist society. He is screwing his own people more than anyone else. This nut reminds me a little of Sadam.

[Sealord]

Apparently no one in his administration or energy department told him the majority of refineries capable of refining the heavy Venezuelan crude oil are located in the U.S. Hhmmm. BOL

[Windwalker]

EXXON/Mobile was in court to try to prevent them from "NATIONALIZING" EXXON/MOBILE's wells there. They may have abandoned them now, but Venezuela was going to take them over as part of the national wells. A couple of other country's oil companies have agreed to a "limited partnership" with the Petroleos de Venezuela S.A., but EXXON/MOBILE would not go along with it.

Chavez has called this "THE EMPIRE OF THE UNITED STATES", and said he does not care if the price of oil goes up to $200/barrel. We have been getting a great deal of our oil from them, and I believe we are about their only customer. I think I feel another "PRICE SPIKE" coming on. That's going to mean still more mortgage foreclosures.

I suppose, next we invade Venezuela.

[Brown67]

Means nothing; because oil is a fungible commodity. Think of it this way. All the oil in the world goes into one large barrel. Because the same amount of oil is still going into the barrel nothing will happen to the overall price of oil. We'll just get it from somewhere else. Prices only go up or down based on how much total oil is in the world barrel.

From google new:

Oil prices ease as market expects US stocks build
14 hours ago

NEW YORK (AFP) — Oil prices retreated Tuesday as traders took profits from three straight sessions of gains and awaited a weekly US government energy report expected to show a rise in crude inventories.

New York's main contract, light sweet crude for delivery in March, fell 81 cents to close at 92.78 dollars a barrel.

In London, Brent North Sea crude for March delivery settled 67 cents lower at 92.86 dollars.

Crude oil futures fell in "profit taking ahead of the inventories data" to be published Wednesday by the US Department of Energy (DoE), said Jim Ritterbusch, an analyst at Ritterbusch and Associates.

For the fifth straight week, the DoE probably will report a rise in crude stockpiles of between two and three million barrels, he said.

The United States has embarked on a period of reserves rebuilding, a trend that since last month has dampened fears of insufficient supply, particularly during the northern hemisphere winter.

For the week ended on February 8, analysts predicted US crude stockpiles rose by 2.38 million barrels and gasoline reserves by 1.5 million barrels.

By contrast, distillates -- including diesel and heating oil -- were forecast to have fallen by 1.5 million barrels.

However, the market remains on edge over political and supply risks, as well as signs of slowing economic growth that could dent demand.

"Geopolitical uncertainty and potential supply disruption fears have provided a strong lift to prices, acting to have temporarily pushed aside sagging demand concerns from the poor economic outlook," said Mike Fitzpatrick of MF Global.

During Tuesday's session, crude prices jumped briefly higher after the Venezuelan oil minister, Rafael Ramirez, said US energy giant ExxonMobil's court action to freeze billions of dollars in assets of Venezuela's state oil firm Petroleos de Venezuela (PDVSA) was politically motivated.

Crude prices had soared Monday on threats by Venezuelan President Hugo Chavez over the weekend to cut oil sales to the United States.

"Market participants do not believe in Chavez's rhetoric and so we see prices adjusting downwards" on Tuesday, said Victor Shum, senior principal at Purvin and Gertz international energy consultants.

On Sunday, Chavez threatened to cut oil sales to the United States should ExxonMobil succeed in getting billions of dollars in Venezuelan assets as compensation for expropriated oil fields.

Chavez made the threat after ExxonMobil secured international court orders freezing up to 12 billion dollars.

[Bumper]

I say we go Nuke Em now and take the oil back.

[ogre999]

I say we go Nuke Em now and take the oil back.

Hazzzaaa ... and take the BBQ and Cabballeroes too ...thats cool too


Shawn(Ogre)

[Roadhog]

I say we go Nuke Em now and take the oil back.

Better yet...lets import their wimmin!
any that look like Shakira ...anyway.

Hell with their damn oil.
It's hard to make the case for War... when it's over a commodity.
Companies buy oil...not governments.
We've also already used up our "Harboring Terrorist" ....or "They have WMD's" lame unsubstantiated excuse.
That didn't get us the cheap oil either...like we were promised.
Chaney got richer is all. They should make a movie about that.

We should all be filled with guilt for having cheap Iraqi oil... but instead...we are just stupid, and duped.

DAMN YOU CHANEY! :evil:

Anyway...screw Chavez. His own people will kill him within a year.

[Bumper]

Who said anything about excuses.

This time its for cheap gas!!!

And ok, we go get the good looking women out first.....then we go Nuke Em Til They Glow and shoot the survivors in the dark.

I still say we should have been pumping it out of Iraq as fast as we could since day one over there.

To the Victor go the spoils.

Wheres Capn Jack Sparrow when we need him!!!

[Orangetxguy]

Means nothing; because oil is a fungible commodity. Think of it this way. All the oil in the world goes into one large barrel. Because the same amount of oil is still going into the barrel nothing will happen to the overall price of oil. We'll just get it from somewhere else. Prices only go up or down based on how much total oil is in the world barrel.

Where we get our oil has everyting to do with the price we pay at the pump. Oil imported from Venezuela, travels less than 3,500 miles on a vessel, to reach the furthest refineries, on the east coast. To say we can replace the 18% of our daily consumption,imported from Venezuela, by purchasing oil from the middle east, is to say, "I'm willing to pay $5.75 per gallon, for fuel!"

Just like dry goods and automobiles, someone is going to pay the transportation costs for oil...and it is not going to be any of the oil company's.
It cost's more to haul oil from the middle east, than it does from the Caribbean.

From ; http://www.eia.doe.gov/pub/oil_gas/p...nt/import.html


Crude Oil and Total Petroleum Imports Top 15 Countries
November 2007 Import Highlights: Released on January 29, 2008
Monthly data on the origins of crude oil imports in November 2007 has been released and it shows that two countries exported more than 1.50 million barrels per day to the United States. Including that country, a total of five countries exported over 1.00 million barrels per day of crude oil to the United States (see table below). The top five exporting countries accounted for 74 percent of United States crude oil imports in November while the top ten sources accounted for approximately 89 percent of all U.S. crude oil imports. The top sources of US crude oil imports for November were Canada (1.919 million barrels per day), Saudi Arabia (1.530 million barrels per day), Mexico (1.484 million barrels per day), Nigeria (1.245 million barrels per day), and Venezuela (1.227 million barrels per day). The rest of the top ten sources, in order, were Iraq (0.508 million barrels per day), Angola (0.408 million barrels per day), Colombia (0.197 million barrels per day), Algeria (0.184 million barrels per day), and Ecuador (0.154 million barrels per day). Total crude oil imports averaged 9.978 million barrels per day in November, which is an increase of 0.202 million barrels per day from October 2007.

Canada remained the largest exporter of total petroleum in November, exporting 2.431 million barrels per day to the United States, which is an increase from last month (2.411 thousand barrels per day). The second largest exporter of total petroleum was Saudi Arabia with 1.620 million barrels per day.

Crude Oil Imports (Top 15 Countries)
(Thousand Barrels per Day)
Country Nov-07 Oct-07 YTD 2007 Nov-06 Jan - Nov 2006

--------------------------------------------------------------------------------

CANADA 1,919 1,889 1,872 2,093 1,800
SAUDI ARABIA 1,530 1,370 1,432 1,460 1,418
MEXICO 1,484 1,322 1,426 1,459 1,608
VENEZUELA 1,227 1,221 1,141 1,088 1,152
NIGERIA 1,215 1,184 1,067 917 1,040
IRAQ 508 490 495 573 566
ANGOLA 408 342 502 505 504
COLOMBIA 197 164 139 42 148
ALGERIA 184 213 452 253 357
ECUADOR 154 222 198 246 275
KUWAIT 154 150 178 253 180
CHAD 107 93 75 118 93
ARGENTINA 86 26 32 0 30
RUSSIA 81 118 120 16 105
BRAZIL 78 172 167 156 134

Total Imports of Petroleum (Top 15 Countries)
(Thousand Barrels per Day)
Country Nov-07 Oct-07 YTD 2007 Nov-06 Jan - Nov 2006

--------------------------------------------------------------------------------

CANADA 2,428 2,411 2,431 2,637 2,343
MEXICO 1,581 1,417 1,553 1,591 1,737
SAUDI ARABIA 1,609 1,400 1,470 1,507 1,461
VENEZUELA 1,375 1,388 1,359 1,281 1,433
NIGERIA 1,276 1,241 1,116 970 1,118
IRAQ 508 490 495 573 566
RUSSIA 466 452 422 223 369
ALGERIA 447 410 677 462 657
VIRGIN ISLANDS 414 357 342 337 327
ANGOLA 408 342 513 521 526
UNITED KINGDOM 202 287 281 265 279
ECUADOR 161 230 203 251 282
BRAZIL 88 197 204 182 195
NETHERLANDS 58 175 124 152 181
COLOMBIA 219 175 157 46 162

Note: The data in the tables above exclude oil imports into the U.S. territories.


Maybe Chavez thinks everybody in the United States is so completely lazy and ignorant, that nobody knows how much oil revenue from America he derives in income.

Every single penny of profit that CITGO generates, here in America (which is a huge percentage of CITGO's profit)goes directly into the coffers of PDVSA.

How many American's know that?

There are a lot of CITGO stations out there. Some of the property owners, who are franchised under the CITGO logo, have sign's out in front of their business, stating that "They", that particular business, are "American Owned & Operated", trying to seperate their business from Chavez.
Other Franchisee's, whom do not want to be associated with Chavez, have discontinued their arrangements with CITGO and branded over to Valero, ConocoPhillips, Shell, ExxonMobil, or any of the others which would brand their gas.

The other communist owned oil company operating in the US is LUKOIL.
TOTAL (FINA) could be considered communist also...it is a French company.


I'm just sayin.

[Brown67]

Again it doesn't matter. The total oil on the world market won't change. That's what determines the price of oil. If he cut us off he would just turn around and sell the oil to some other country or countries. They would buy less oil from middle east, Russia, Mexico or wherever. That oil would then come to us. No change in price, because the total oil on the world maket has not changed.
Transportation cost increases would be very small. A super tanker carries millions of gallons of oil. The cost of moving a super tanker a few thousand miles more spread out over millions of gallons of oil is nearly zero. Also, it would be off set by fact that middle east oil is cheaper to refine than South American oil. South American oil is very heavy and more expensive to refine.

[Sheepdancer]

For one, good, we don't need to be dealing with a punk like him no matter what. Second, I don't buy Exxon-Mobil so where I buy should stay the same price......doubt that happens though, everyone will raise their prices to gouge the rest of us.

Actually you probably do buy exxon mobile. Just because it says exxon mobile on the sign outside of the gas station doesnt mean that gas came from exxon mobile and vice versa. In fact most gas stations are privately owned. They just pay a for a franchise but they are free to buy the gas from anywhere they want.

[Mack2]

Who own CITGO?

[Orange Andy]

Several Venezuelan corporations.

[Scoe]

Who own Bartertown?

[ogre999]

Who own Bartertown?

Master Blaster run Bartertown .... Embargo Lifted !

[ogre999]

Who own Bartertown?

Master Blaster run Bartertown .... Embargo Lifted !