Archive for Wednesday, February 13, 2008

State oil company halts sales to Exxon Mobil

February 13, 2008

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— 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.

Comments

SettingTheRecordStraight 9 years, 1 month ago

Now more than ever is the time to capture the nature resources available in ANWR.

Haiku_Cuckoo 9 years, 1 month ago

People in other countries say "To Hell with Chavez!" to George Bush?

BrianR 9 years, 1 month ago

Jinkies, this may scuttle Exxon's goal of making a trillion dollar profit next year.

staff04 9 years, 1 month ago

"Now more than ever is the time to capture the nature resources available in ANWR."

The Department of Energy claims that the savings per gallon of fuel will be less than 1 cent and oil wouldn't flow for years.

ANWR could never even come close to making up for what Venezuela provides. So far from even being on the same scale that it really isn't worth talking about anymore.

Now, more than ever, is the time to diversify our energy sources and explore some of the sources the oil industry has fought vehemently to keep from receiving the same subsidies it receives.

bangaranggerg 9 years, 1 month ago

Exxon Mobil or Hugo Chavez. Please don't make me choose sides here.

BrianR 9 years, 1 month ago

"People in other countries say "To Hell with Chavez!" to George Bush?"

SNORT! Now that is funny.

Mkh 9 years, 1 month ago

I'm sure China is more than happy to lap up that oil from Chavez.

staff04 9 years, 1 month ago

"I'm sure China is more than happy to lap up that oil from Chavez."

Precisely, which is why all the new drilling in the world isn't going to lower costs.

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