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Old 02-12-2008, 11:16 PM
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Default Chavez just stuck it to America

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:
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Old 02-12-2008, 11:43 PM
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I sure heard about it too! Doesn't look good at all!!!! :shock:
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Old 02-13-2008, 12:33 AM
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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.
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Old 02-13-2008, 12:36 AM
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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
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Old 02-13-2008, 12:44 AM
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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.
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Old 02-13-2008, 01:41 AM
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Default Chavez/Oil

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
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Old 02-13-2008, 03:12 AM
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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.
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Old 02-13-2008, 03:18 AM
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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.
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Old 02-13-2008, 09:50 AM
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I say we go Nuke Em now and take the oil back.
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Old 02-13-2008, 11:25 AM
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Quote:
Originally Posted by Bumper
I say we go Nuke Em now and take the oil back.
Hazzzaaa ... and take the BBQ and Cabballeroes too ...thats cool too


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