Exxon is looking to have Venezuelan assets frozen in order to recover costs after Chavez nationalized the oil industry. Makes sense by his own logic. Anyways, now he threatens to cut off the oil supply.
http://news.yahoo.com/s/ap/20080210/ap_on_re_la_am_ca/venezuela_us_exxon
For the most part, I believe the guy is bluffing. However, is it time to view energy independence as a top national security issue?
[quote]Sloth wrote:
Exxon is looking to have Venezuelan assets frozen in order to recover costs after Chavez nationalized the oil industry. Makes sense by his own logic.[/quote]
Boohoo…
BBC NEWS | Business | Exxon Mobil reports record profit
You don’t think it already is?
As long as there is oil and oil companies we will never be energy independent. I read somewhere that Venezuela is one of the largest oil reserves in the world, something like 5 times the amount of oil in Iraq.
[quote]lixy wrote:
Sloth wrote:
Exxon is looking to have Venezuelan assets frozen in order to recover costs after Chavez nationalized the oil industry. Makes sense by his own logic.
Boohoo…
[/quote]
Boohoo? They’re simply using the legal system to try to recover their costs.
[quote]Sloth wrote:
lixy wrote:
Sloth wrote:
Exxon is looking to have Venezuelan assets frozen in order to recover costs after Chavez nationalized the oil industry. Makes sense by his own logic.
Boohoo…
Boohoo? They’re simply using the legal system to try to recover their costs.[/quote]
They recovered their costs, and then some.
Chevron, Total, Statoil, BP and others were quite content with the arrangement of Chavez. Exxon’s kicking and screaming because of greed; nothing more, nothing less.
[quote]lixy wrote:
Sloth wrote:
lixy wrote:
Sloth wrote:
Exxon is looking to have Venezuelan assets frozen in order to recover costs after Chavez nationalized the oil industry. Makes sense by his own logic.
Boohoo…
Boohoo? They’re simply using the legal system to try to recover their costs.
They recovered their costs, and then some.
Chevron, Total, Statoil, BP and others were quite content with the arrangement of Chavez. Exxon’s kicking and screaming because of greed; nothing more, nothing less.[/quote]
Well, no. Normally one agrees to sell at an agreed upon price. In this case they were told what they would accept, or they could get lost. In any event, I guess Chavez should be more willing to accept the risk of having assets available in foreign nations. Sound familiar?