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Discussion Starter #1
Face it folks America is an oil based economy and will be for the foreseeable future. light:

Watch what the below action does for the price of crude in the days to come. Tdown:

This is exactly why America needs to drill for her own abundant oil supplies in the Gulf of Mexico (where Cuba is already drilling btw) and in ANWR.

Not only to keep prices stable, but more importantly for our own national security...so we won't be subject to the whims of socialist dictators that hate America like Hugo Chavez and his little buddy Iran's President Amanutjob. Tdown:

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Venezuela Halts Oil Sales to Exxon Mobil
Tuesday February 12, 9:27 pm ET
By Fabiola Sanchez, Associated Press Writer

Venezuela's State Oil Company Halts Oil Sales to Exxon Mobil

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.
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' 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.

It was unclear how much oil PDVSA supplies to Exxon Mobil, the world's biggest publicly traded oil company. Both Chavez and Oil Minister Rafael Ramirez previously said the company is no longer welcome to do business in Venezuela.

Venezuela's decision leaves up in the air the situation of a refinery in Chalmette, La. -- a joint venture supplied by Venezuelan oil in which PDVSA and Exxon Mobil are equal partners.

Exxon Mobil spokeswoman Margaret Ross declined to comment on the move by Venezuela but added 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. Exxon Mobil also has secured an "order of attachment" from U.S. District Court in Manhattan on about $300 million in cash held by PDVSA. A hearing to confirm the order is scheduled for Wednesday.

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 the nationalized 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. Its legal actions essentially seek to corral Venezuelan assets ahead of any decision by the arbitration panel.

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 broader threats to cut off oil sales to the U.S. 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.

Associated Press business writer John Porretto in Houston contributed to this report.
 

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I founr it interesting to read this other account of the same event;

Venezuela breaks ties with Exxon
By James Ingham
BBC News, Caracas

Venezuela's state oil company PDVSA has announced it is suspending sales of crude to Exxon Mobil, in response to legal action brought by the US firm.
President Hugo Chavez has said he will no longer do business with Exxon which he says is not welcome in Venezuela.
Exxon wants compensation following the nationalisation of a project in Venezuela's largest oil reserve.
The firm receives only about 2% of its supply from Venezuela, but PDVSA's decision could cause it problems.
Frozen assets
This is a fight between two giants - Exxon Mobil, the world's largest private oil firm, versus Venezuela's state energy company.
A recent court ruling freezing some Venezuelan assets in the country's Orinoco Belt, pending arbitration has outraged President Hugo Chavez.
He has accused Exxon of plundering the nation's resources, claiming their action is part of a wider economic war backed by the US government.
Mr Chavez has retaliated by cutting oil supplies to the company as well as all commercial relations.
The amount is not huge. But the move does put an end to any hopes the company had of negotiating with Venezuela and returning to future projects.
Meanwhile, Mr Chavez is still threatening to cut supplies to the United States if Venezuelan interests are adversely affected by legal action.
 

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U.S. oil companies go into other countries and grease the right palms to get sweatheart deals. Chavez won't have it and wants his country to benefit from its natural resources. Therefore, he's labeled all sorts of nasty things by our government. He's looking out for his country, not our oil companies. One thing that might slow him down, I've read that few countries have refineries that can handle the heavy south american crude like we do. For now, his buyers might be limited.
 

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Yep, then we can go into Venezuela and take their oil just like we did in Iraq. conf: :mrgreen:

The one that amazes me is how so many people got bamboozled into believing that oil and oil companies are bad. They destroy the environment and big oil companies PROFIT off the back of the average American. SO much so that Hillary supporter cheer at the announcement that she plans on punishing BIG OIL Companies like Exxon Mobile :eek:
 

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I hope we pull out all of the baseball talent befroe GW goes to war with Chavez. He has ties to baseball and big oil so I am sure we will.
 

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They need us much more than we need them. I say we don't buy oil from them and let them try and sell it elsewhere.
 

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Theking said:
I hope we pull out all of the baseball talent befroe GW goes to war with Chavez. He has ties to baseball and big oil so I am sure we will.
No shiate. We could use a few more pitchers :mrgreen:
 

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I'm not so sure about who needs who. China is standing there with a great big bucket that needs to be filled with oil
Hell the GM news, that isn't all bad, says that China is one of the happy spots in GM car sales. You can bet they aren't buying hybrids.
 

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Discussion Starter #11
Skorzeny said:
I'm not so sure about who needs who. China is standing there with a great big bucket that needs to be filled with oil
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China doesn't need Venezuela---they're already getting oil right in America's back yard light: --

http://money.cnn.com/2006/05/09/news/ec ... /index.htm clap:

They're getting it approximately in the same place the pious Environmentalist Wackos won't allow the United States to drill for her own abunadant oil supplies. Tdown:

But hey the tree huggers in America feel good and that's all that really matters right?. conf:
 

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The one that amazes me is how so many people got bamboozled into believing that oil and oil companies are bad. They destroy the environment and big oil companies PROFIT off the back of the average American.
So... what yer sayin' ff is that the Exxon-Valdez disaster and $3.20 a gallon gasoline is actually GOOD for America... we just don't know it yet huh? clown: wink:

Do you know fish vacuum personally DB? conf:

He sounds like a reasonable, intelligent guy. So what's he doin' hangin' out with you? :p :D

Bottoms up! clown:
 

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Webo said:
So... what yer sayin' ff is that.....$3.20 a gallon gasoline is actually GOOD for America... we just don't know it yet huh? clown: :
Yes! 3.20 a gallon is darn good. Look at other countries and what they pay. Get back to me on what you find... wink:
 

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What does that have anything to do with anything? conf:

3 years ago we were payin' $1.49 a gallon.

Canada was payin' $3 something then.

Great Britain and France were payin' $4 something I believe then too?

So... prices have risen DRAMATICALLY for us... but at a much lower percentage for the rest of the world.

If Big Oil really WAS good for America... we'd be back to payin' $1.49 again. Tup:
 

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If your labor was good for America we would roll back wages to be competitve with China and India. Then we would have less trade deficit and a whole host of other issues. Also increasing the price of oil is good for the environment in the long run according to the Goreists.
 

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If Big Oil really WAS good for America... we'd be back to payin' $1.49 again.
$5.00 would be better. More people taking transit, fewer big gas hogs polluting and people would quit driving 6 hours to fish and stay closer to home.

Oh, and gillnetting and other commercial fishing would be less profitable. Might save some fish.
 

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fishslave said:
If Big Oil really WAS good for America... we'd be back to payin' $1.49 again.
$5.00 would be better. More people taking transit, fewer big gas hogs polluting and people would quit driving 6 hours to fish and stay closer to home.

Oh, and gillnetting and other commercial fishing would be less profitable. Might save some fish.
FS----You've got to be kidding.
 
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