Exxon vs. Hugo
Lance on Feb 08 2008 at 8:34 am | Filed under: Around the Web
Via Instapundit, it looks as if Hugo might have to cough up some money for nationalizing oil assets after all. Good.
Exxon Mobil Corp has moved to freeze up to $12 billion in Venezuelan assets around the world as the U.S. company fights for payment in return for the state’s takeover of a huge oil project last year.
[...]
Exxon also won a court order from the U.S. District Court for the Southern District of New York in December freezing more than $300 million belonging to PDVSA, as Exxon argued it would have little chance to recoup its investment from PDVSA should it win its arbitration.
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You won’t like the idea Lance, but I’d love to see us nationalize Citgo and liquidate its domestic (US) assets at open bid. Trade retaliation in kind, if you will.
Actually, I think it may be just the thing to do. If a private company seized assets we would have court orders than sought just such restitution.
I almost put something along those lines in the post.
Yep. It would also almost certainly trigger the long threatened oil embargo…and would bring the Chavez experience to its decisive climax stage.
Yeah, as if we need their oil more than they need our money.
True. Commodity suppliers are easier to replace than commodity markets.