Venezuela Halts Oil Sales to Exxon
(AP/CARACAS, Venezuela) — Venezuela's state oil company said Tuesday that it has stopped selling crude to Exxon Mobil Corp. and has suspended commercial relations with the U.S.-based oil company.
State-run Petroleos de Venezuela SA, or PDVSA, said in a statement that it "has paralyzed sales of crude to Exxon Mobil." It said the decision was made "as an act of reciprocity" for the company's "judicial-economic harassment."
President Hugo Chavez has shaken oil markets this week with broader threats to cut off oil supplies to the United States. His threats came in response to a drive by Exxon Mobil to seize Venezuelan assets through U.S. and European courts in a dispute over the nationalization of its oil ventures in Venezuela.
The impact of the decision on Exxon Mobil was not immediately clear. Both Chavez and Oil Minister Rafael Ramirez previously said the Irving, Texas-based company is no longer welcome to do business in Venezuela.
Short and sweet.
It will be interesting to see just how long it takes for prices at the pump to go up yet again. My money is on tomorrow. It will also be interesting to note whether other journalists pick up on this base AP thread and run with it. I bet this little tidbit remains buried. It seems to me like the media is trying to give Bush a break and paint him in brighter colors with his economic stimulus package and foreclosure plan.
In my opinion, the cause and effect of today's recession is more than a little obvious. Once we put gas in our cars to get back and forth to work, anything left over goes into food and heat for our houses. The cost of both are through the roof too. So now the government will send me a check for an amount not large enough to pay my current utility bills and expects me to spend it on frivolities to boost the economy!
The culprits that have caused this economic slump are posting record profits. Their greed is squeezing the life blood out of this country. Instead of this bandaid approach for a gaping wound, why hasn't Bush gone after the cancer itself? Oh, I forgot: He and Cheney are Oil Men.
The rest of us just don't matter. Heck of a thought, eh?