I think they have been accumulating dollars has nothing to do with their oil needs. If they need XX then that's what they buy. If some of that comes from Ven. then less will come from their other sources. They wouldn't “give up” anything it's just what part of their oil needs are supplied by what seller.

“If you haven't noticed, its not absolute wealth that drives the insurrection against American imperialism, its dignity and the right to self determination.”

Yep I have noticed that the countries that you might be referring to have a long history of not respecting their own citizens and seem unmoved to give their own people any rights.

erichwwk I really don't care what beliefs a person has, but your post has so little to do with the original it's hard to know were to start. Exxon is based in the US but is a multinational company that sued Ven. in Britain, not the US. Chavez is bashing Bush for this. You don't see how that is a little off. That Exxon just couldn't be upset at having invested in Ven at their, Venezuela, urgings, then having it taken away. Mind you Exxon isn't even taking action in US courts, rather taking their case to the International Centre for Settlement of Investment Disputes which is a independent organization set up by the world bank. Exxon did exactly what anyone would say they should do didn't they?

He hates (and envies) the wealthy of his country – they are relocating their wealth out of the reach of his nationalization powers. He is not taking care of his abjectly poor supporters with infrastructure maintenance or upgrades. No matter how much he seems to be their local hero, hunger and poverty will drive those people to despise him.

He and Uribe support the FARC of Columbia – who will end up as the HAMAS of Latin America if given recognized power.

I do not think he has lost touch – he is just one of those guys who says exactly what he thinks and most of the time he is not thinking too much.

Congrats to the courts for recognizing that this sort of dictatorship must be called down. I may not be the biggest fan of Exxon – but I defend their rights to get back what they have put into making VZ an oil power.

I also agree with an earlier comment that the transport is an obstacle to China buying it all. It's expensive to get it home…and I do not believe they would take all the oil that Chavez wants to keep from US.

The irony…

There does seem to be a difference of opinion as to just who is losing touch with reality. While the US seems hell bent on WWIII in an attempt to retain its global empire and retain its privileged access to foreign resources, this does not seem to be a winning strategy.

“if they gave China a break on the price to get them to purchase the US's share that would just free up some of what China would normally buy elsewhere.”

Get real. China would give up other oil for its Venezuelan oil? Why on earth do you think China has been accumulating US dollars?

If you haven't noticed, its not absolute wealth that drives the insurrection against American imperialism, its dignity and the right to self determination.

I just hope America imperialists comes to their senses. It seems to me we have to relearn the lesson of the civil war, that it is more productive to pay folks a fair wage than to indenture them, with incentives of what Adam Smith describe in the wealth of Nations that has become so bastardized under the “freedtraders” – NOT.