Hugo Chavez threatened Sunday to cut off his country's oil shipments to the United States if a court ruling goes forward ordering Venezuelan assets be frozen in a case brought by Exxon Mobil.
Last week, Exxon Mobil obtained a court order freezing up to $12 billion of Venezuela's state owned oil company's assets. Hugo Chavez had forced the company out of two joint ventures that he had entered into with the company. Exxon Mobil is seeking another attachment order of approximately $300 million against the Venezuelan company in a federal court in New York.
"It would do great damage to Venezuela and the relationship with the U.S. and turn off other Western partners with Venezuela," Trilby Lundberg, America's guru of gasoline, told CNN in a telephone interview. "However, for the U.S., it would likely not have any sustaining terrible effect, because the world of oil is fluid, and wherever Venezuelan oil goes, some other oil would be freed up for the United States to import."
Chavez, the South American blowhard, will do anything to promote his pathetic little personality. I hope Exxon Mobil wins again and Chavez has to put up or shut up.