Chavez: no plans to cut US oil exports

AP on Yahoo ^ | 2/17/08 | Christopher Toothaker - ap

[NormsRevenge]

CARACAS, Venezuela - President Hugo Chavez sent a soothing message to American motorists on Sunday, saying that Venezuela is not preparing to cut off oil shipments to the United States.

The socialist leader rattled oil markets last Sunday when he threatened to halt shipments to the United States in retaliation for Exxon Mobil Corp.'s success in convincing courts in the U.S. and Europe to freeze Venezuelan assets.

"We don't have plans to stop sending oil to the United States," the socialist leader said Sunday during a visit to heavy-oil projects in Venezuela's petroleum-rich Orinoco River basin that were nationalized last year.

But he added that Venezuela could cut off supplies to the United States if Washington "attacks Venezuela or tries to harm us."

Chavez has repeatedly warned against a possible U.S. invasion he says Washington would use to seize control of Venezuela's immense oil reserves.

U.S. officials have denied any such plan exists.

The United States relies on Venezuela for about 10 percent of its oil imports.

The administration of Chavez — a close ally of Cuban leader Fidel Castro — is locked in a legal battle with Irving, Texas-based company over compensation for the nationalization of one of four heavy oil projects in the Orinoco River basin.

Exxon Mobil — the world's largest publicly traded oil company — is seeking to freeze billions of dollars in Venezuelan assets in the United States and Europe to guarantee a payoff in the event it wins a decision by an international arbitration panel.

Last month, a British court injunction ordered up to $12 billion of state oil company PDVSA's assets temporarily frozen.

On Thursday, Oil Minister Rafael Ramirez said Exxon Mobil is demanding more than 10 times the compensation it may deserve from Venezuela for nationalizing the oil venture.

[NormsRevenge]

Venezuela's President Hugo Chavez speaks during his weekly broadcast at a nationalized oil field in Orinoco's belt in the southern strip of the eastern Orinoco River February 17, 2008. Chavez said on Sunday he will cut oil sales to the United States if Washington attacks the South American country as the country is in the midst of a legal battle with U.S. oil giant Exxon Mobil, which recently won court orders freezing up to $12 billion in Venezuelan assets to ensure compensation for an oil project Chavez nationalized last year. REUTERS/Miraflores Palace/Handout

[NormsRevenge]

An elderly army reservist buys products in a state-run market held in the streets of Caracas February 16, 2008. Venezuelans have formed long lines in recent months for basic food products as President Hugo Chavez's government seeks to tackle food shortages. Critics blame the shortages on government price controls and red tape. Chavez blames hoarding by traders and rapidly increasing demand as his social policies put more money on the streets. REUTERS/Edwin Montilva (VENEZUELA)

[Brilliant]

Once again, the mouth works faster than the brain. Kinda surprising the brain ever caught up at all, though.

[Signalman]

A Socialist economy causes long lines and food shortages. Gee, what a shock. Hey, but this guy is Sean Penn’s and Jimmuh Carter’s best buddy.

[kempo]

He must have realized that he needs us more than we need him. What a dumbass.

[Cicero]

“rattled oil markets”?

I doubt it. As I said at the time, it would have had absolutely no effect—unless he shut all the facilities down and thus lost most of his country’s income. Otherwise, if he sells it to another country, that just frees up other oil for us.

Presumably somebody finally clued him in to that.

[2ndDivisionVet]

As I understand it, we are about the only ones who have refineries that will handle the crappy crude oil that comes from Chavez’s country.

[Rocky]

Chavez blames hoarding by traders and rapidly increasing demand as his social policies put more money on the streets.

What a jerk. These socialists never get it. They think that being in control of the government will enable them to get whatever outcome they want. They think the laws of economics don't apply if they are in control. Wishing doesn't make it so. Individuals still act in their own self-interest.

[shield]

First off, chavez couldn't afford to stop shipments. VZ's economy is going down really really fast...in fact, when it hits bottom...he'll be out so fast...we'll all laugh our A's off.

I wouldn't buy from his gas stations if my life depended on it. He can shove it where the sun don't shine.

[Names Ash Housewares]

Hey, I would be happy to pay a buck more a gallon if I knew this chump would be burned by it.

Go ahead, make my day!

[Chode]

Chavez: "You are a devil, you smell like sulfur, you are a drunk, you are the demon, you are a dictator, you are an assassin Mr. Devil, you are..."

Bush: "YEAH, Yeah, yeah, WHATever... just fill'er up MonkeyBoy!!!"

[Kakaze]

Huh?.....maybe it was Dick Lugars' harshly written letter.

Or maybe its the reality that he needs us and our refineries a lot more than we need him.

[Diana in Wisconsin]

‘Flip-Flopping Tin-Pot Dictator’ Bump! :)

[goldfinch]

Chavez, you silly goose. We never thought you would.

[Vince Ferrer]

Here was my counter proposal:

The US should quietly give Exxon enough H1-B visas to hire the best Venezuelan petroleum engineers.

16 posted on 02/10/2008 2:16:21 PM PST by Vince Ferrer

Now that he's backed down and I've had time to calmly think it over, I'd still take as many of his engineers as I could.

[MiltonFriedmanFan]

Hugo got nervous over the falling oil prices especially with a looming global recession and tries to prop up prices as much as possible.

[thackney]

-—we are about the only ones who have refineries that will handle the crappy crude oil that comes from Chavez’s country.——

Not true, most of Venezuelan oil is already refined outside of the US. For more info, click below for previous recent discussions here on FR:

http://www.freerepublic.com/focus/f-news/1970047/posts?page=27#27

http://www.freerepublic.com/focus/f-news/1970047/posts?page=23#23

http://www.freerepublic.com/focus/f-news/1968628/posts?page=41#41

http://www.freerepublic.com/focus/f-news/1969311/posts?page=40#40

[kinghorse]

“psst boss, the Gringos are the only country with the heavy crude syn units needed to process our crap.”

Chavez responds “Say what ese?”

“nobody else can use our gunk. It’s the USA or we the eat the stuff”

Chavez “Aye nevermiiind”.

Coco Loco strikes again.