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Venezuela's Chavez threatens to cut oil to U.S.

Venezuela's Chavez threatens to cut oil to U.S.
Last Updated: Monday, February 11, 2008 | 11:49 AM ET
CBC News
Venezuelan President Hugo Chavez has threatened to cut off oil supplies to the United States if U.S. oil company Exxon Mobile Corp. does not stop its legal action to seize billions of his country's assets.


Venezuelan President Hugo Chavez has repeatedly threatened to cut off oil shipments to the United States.
(Fernando Llano/Associated Press)
Exxon has launched legal proceedings against the Venezuelan state oil company, Petroleos de Venezuela SA, because it says compensation offered for the nationalization of its oil installations in Venezuela has been insufficient.

Chavez's threat caused oil prices to spike on Sunday to nearly $93 US a barrel before retreating slightly in Monday trading in the Asian markets.

On Sunday, Chavez accused the Texas-based oil company of acting in concert with Washington and vowed that "the outlaws of Exxon Mobil will never again rob us."

"If you end up freezing (Venezuelan assets), and it harms us, we're going to harm you," Chavez said, turning his words to U.S. President George W. Bush. "Do you know how? We aren't going to send oil to the United States. Take note, Mr. Bush, Mr. Danger."


U.S. 'master' of oil companies
Exxon Mobil has gone after the assets of Petroleos de Venezuela SA in U.S., British and Dutch courts in challenges to the nationalization of a multibillion dollar oil project by Chavez's government. A British court has issued an injunction, "freezing" as much as $12 billion in assets.

The firebrand Chavez has repeatedly threatened to cut off oil shipments to the United States, which is Venezuela's No. 1 client, if Washington tries to oust him. Chavez's warnings Sunday appeared to extend that threat to attempts by oil companies to challenge his government's nationalization drive through lawsuits.

"I speak to the U.S. empire, because that's the master: continue, and you will see that we won't send one drop of oil to the empire of the United States," Chavez said.

Venezuela accounted for about 12 per cent of U.S. crude oil imports in November, the latest figures available from the U.S. Energy Department. The 1.23 million barrels a day from Venezuela makes that country the U.S.'s fourth-largest source of imported oil behind Canada, Saudi Arabia and Mexico.

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Added: Feb-12-2008 
By: bellava
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Tags: Venezuela's, Chavez, threatens, to, cut, oil, to, U.S.
Views: 9420 | Comments: 20 | Votes: 3 | Favorites: 1 | Shared: 1 | Updates: 0 | Times used in channels: 1
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  • Excellent news, go Chavez.

    Posted Feb-12-2008 By 

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  • I struggle to understand why the average Ameriacn should occupy their minds with people like Chevez and Castro for that matter.

    Is it dent to your over inflated ego becauyse they refuse to play ball with yo and jump when told to? They aren't threat yet there seems to be this deep seated hatred towards them because they do not subscribe to your 'American values'.

    It isn't about standing up for Chavez (nt as far as I'm concerned anyway', it's about a little man telling your mighty government More..

    Posted Feb-12-2008 By 

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  • very good

    Posted Feb-12-2008 By 

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  • HUGO! HUGO! HUGO! Crush the rat pig nation. One by one the rothchilds devil worshipping terrorists networks will be eliminated. They stole Iraq but Venezuela will be lost and soon many more.

    Posted Feb-12-2008 By 

    (2) | Report

  • About time someone stood up to the big Corps and show that America is not the only country that can play the protectionism game

    Posted Feb-12-2008 By 

    (2) | Report

  • Mobilise the army, prepare to invade Venezuela.

    Posted Feb-12-2008 By 

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  • Spudmonkey: "About time someone stood up to the big Corps and show that America is not the only country that can play the protectionism game"
    That would not be a wise move in the context over the Venezuelan economy..Venezuelan exportation to the Us is more than 55% ..and It will fucked me up..I only use Venezuelan gas.
    Good gas and No blood on it.

    Anyway..I'll buy a bicycle just in case.

    Posted Feb-12-2008 By 

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  • geshtunga: "90 % of Americans find this threat absurd and of no consequence to them as every American knows that gas comes from that hose thingie at the pumps and not from Venezuela"
    hahaha

    Posted Feb-12-2008 By 

    (1) | Report

  • zilch: "There is no challenge.
    The US is the only country with the refineries that can process Venezuela's heavy crude.
    What is Hugo going to do? Cut off its source of income? Do it Hugo. No balls."
    The challenge is:

    getting into bed with china and russia (I hear it's being warmed up).

    Posted Feb-12-2008 By 

    (1) | Report

  • The West should isolate the Chavez regime and advocate restoration of democracy and role of law.

    Posted Feb-12-2008 By 

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  • Gsecret_footageF: "HUGO! HUGO! HUGO! Crush the rat pig nation. One by one the rothchilds devil worshipping terrorists networks will be eliminated. They stole Iraq but Venezuela will be lost and soon many more. "
    Since you, personally, are far to stupid to grasp the insults and implications inherent in my post below, I'll dedicate it to those of your ilk who stayed in school after third grade....
    ******************************88
    Yawwwnnnnnnn.....

    Go ahead, bitch-boy...

    For those who More..

    Posted Feb-12-2008 By 

    (1) | Report

  • LOL Venezuela is getting its ass sued around the world.

    Posted Feb-12-2008 By 

    (0) | Report

  • Gsecret_footageF: "HUGO! HUGO! HUGO! Crush the rat pig nation. One by one the rothchilds devil worshipping terrorists networks will be eliminated. They stole Iraq but Venezuela will be lost and soon many more. "
    ROFL....Must have had a very happy childhood.

    Posted Feb-12-2008 By 

    (0) | Report

  • There is no challenge.
    The US is the only country with the refineries that can process Venezuela's heavy crude.
    What is Hugo going to do? Cut off its source of income? Do it Hugo. No balls.

    Posted Feb-12-2008 By 

    (0) | Report

  • there is one in every bunch! another SOB that needs to be flushed!!!!!!!!!

    Posted Mar-5-2008 By 

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  • john959: "yes china is building their plants now and exporting the oil back to china
    nobody wants the U.S money any more
    GO Chavez!! desotry the NAZI AMERICANS!!
    "
    who are you kidding? if it weren't for the us dollar china would starve to death.

    Posted Feb-12-2008 By 

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  • why your own rich people pay the americans 20 thousand U.S Dollar per month if they can pay a chinese with the same experinse a 10 U.S dollar a month!! yes TEN!!
    nothing called without you!!!! china doesnt need you now
    any more .. the WHOLE!!! world depend on them or everybody will suffer! so pls go work night and day to pay your debts.. soon you will lose your house and car
    and end up in the street!

    Posted Feb-12-2008 By 

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  • 9/11: Chavez financed Al Qaeda, details of $1M donation emerge


    High-level military defectors reveal new terrorist links between Al Qaeda and Venezuelan strongman Hugo Chavez. The man who control's the largest oil ...
    www.freerepublic.com/focus/news/814934/posts

    Posted Feb-12-2008 By 

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  • Slowekistan: "9/11: Chavez financed Al Qaeda, details of $1M donation emerge


    High-level military defectors reveal new terrorist links between Al Qaeda and Venezuelan strongman Hugo Chavez. The man who control's the largest oil ...
    www.freerepublic.com/focus/news/814934/posts
    "
    Oh gawd.

    erm.....nice web site

    Posted Feb-12-2008 By 

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  • 90 % of Americans find this threat absurd and of no consequence to them as every American knows that gas comes from that hose thingie at the pumps and not from Venezuela

    Posted Feb-12-2008 By 

    (-1) | Report

  • yes china is building their plants now and exporting the oil back to china
    nobody wants the U.S money any more
    GO Chavez!! desotry the NAZI AMERICANS!!

    Posted Feb-12-2008 By 

    (-2) | Report