Chavez Threatens U.S. Oil Cutoff After Legal Victory By ExxonMobil

A $12 billion judgment on behalf of ExxonMobil against Venezuela’s state oil company has once again set off President Hugo Chavez, who, according to this news account from Venezuela’s leading newspaper El Universal, said, amongst many other things, ‘If you end up freezing (Venezuelan assets) and it harms us, we’re going to do harm to you. Do you know how? We aren’t going to send more oil to the United States. Take note, Mr. Bush, Mr. Danger … We cannot be a government of wimps. No! Our best weapon is to counterattack and begin shooting; we are going to counterattack, and therefore I said to my ministers, come on!’

By Mariemma Ramos Nava

Translated by Miguel Guttierez

February 10, 2008

Venezuela – El Universal – Original Article (Spanish)
Barinas: President Hugo Chavez threatened today to suspend oil exports to the United States if Exxon Mobile manages to seize the assets of Petroleum of Venezuela S.A. (PDVSA) through the courts.

[Editor's Note: Chavez refers to a series of court orders obtained by Exxon Mobil Corp. in Britain, the Netherlands, and the Dutch Antilles, freezing up to $12 billion in assets of Venezuelan state oil firm PDVSA. The injunctions were sought by Exxon in anticipation of an arbitration ruling by the International Centre for Settlement of Investment Disputes over a compensation claim. The rulings mean that Venezuela can't sell
certain assets or move some funds while the compensation case is reviewed. The Venezuelan government nationalized Exxon's 41.7 percent stake in the Cerro Negro project last May, and offered the company compensation. But Exxon wasn't satisfied and demanded arbitration].

“If you end up freezing (Venezuelan assets) and it harms us, we’re going to do harm to you. Do you know how? We aren’t going to send more oil to the United States. Take note, Mr. Bush, Mr. Danger. If the economic war against Venezuela continues, the price of oil will reach 200 dollars and will send Venezuela into economic war. If any country is ready to join them [the U.S.] in this war, we will not be frightened, we will not be deterred.”

The ruling announced on Thursday, relates to legal action taken through the medium of international arbitration, by U.S. oil giant Exxon Mobile, which seeks to freeze over $12 billion in assets of Venezuela’s state oil company. WORLDMEETS.US

In the 303rd episode of his weekly program, “Hello, President,” the chief executive again referred to the United States as a country that, “has articulated an international movement on this continent” which sees the Venezuelan right [a reference to Venezuela's wealthy population] as part of an “imperial plan” to convert the country back into an American colony.

“We cannot allow the Venezuelan right to seize power again,” he warned.

“Never again will they rob us – the Exxon Mobil bandits. They are imperialist, white-collar thieves. They turn governments corrupt, they oust governments. They supported the invasion of Iraq and the global bandits, the global mafia that is Exxon Mobil, continue to support the genocide in Iraq” said the President.

READ ON AT WORLDMEETS.US, along with continuing coverage of the U.S. from the Latin American press.