Feb 11
Chavez Threatens to Cut Off Oil Sales to U.S., Calls Exxon Mobil ‘Outlaws’
President Hugo Chavez on Sunday threatened to cut off oil sales to United States if Exxon Mobil Corp. harms Venezuela by winning court judgments internationally to seize his government’s assets.
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You’d think Chavez would have a better idea of how oil markets work. He probably thinks the oil is pumped out of his filthy llttle hole, carted to the United States, and refined into gasoline in a linear progression. International petro futures trading would make a crude embargo (like the one we imposed on Japan in 1940) practically impossible today (it was only marginally useful back then), and for a silly little man like Chavez to threaten one only intensifies the utility of the advice given him a few months back (“Why don’t you just shut up?”). On the other hand, at least Joe Kennedy wouldn’t have “free” Citgo heating oil to pour on Mainers lacking in the integrity department.