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WEDNESDAY, NOVEMBER 25, 2009
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Venezuelan Prez Threatens to Cut Off US Oil

If Exxon wins court action seeking assets, Chavez vows revenge

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(Newser) – Venezuelan President Hugo Chavez is threatening to cut off US oil supplies if Exxon Mobil wins a court ruling to seize billions of dollars in Venezuelan assets, AP reports. The Texas-based oil giant has challenged Venezuela’s efforts to nationalize a multi-billion-dollar oil project, and the fiery leader promised an "economic war" if a decision goes against his nation. A British court has already frozen some $12 billion in assets.

“Take note, Mr. Bush, Mr. Danger,” Chavez warned. If a "freeze  harms us, we're going to harm you." He accused Washington of backing Exxon, and blasted both as part of corporate “worldwide mafias.” Chavez, who has repeatedly threatened to end oil sales to the US—Venezuela's biggest customer—predicted an embargo could boost oil prices to $200 a barrel.

Venezuela's Oil Minister and President of the state-run oil company Petroleos de Venezuela SA, or PDVSA, Rafael Ramirez speaks to the PDVSA workers in Caracas, Wednesday, Aug. 15, 2007. Ramirez has argued that court orders won by Exxon Mobil have
Venezuela's Oil Minister and President of the state-run oil company Petroleos de Venezuela SA, or PDVSA, Rafael Ramirez speaks to the PDVSA workers in Caracas, Wednesday, Aug. 15, 2007. Ramirez has argued...   (Associated Press)
Exxon Mobil has gone after the assets of Venezuela's state oil company, Petroleos de Venezuela SA, in U.S., British and Dutch courts as it challenges the nationalization of a multibillion dollar oil project by Chavez's government last year. A British court has issued an injunction
Exxon Mobil has gone after the assets of Venezuela's state oil company, Petroleos de Venezuela SA, in U.S., British and Dutch courts as it challenges the nationalization of a multibillion dollar oil project...   (Associated Press)
President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an
President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an "economic war" if Exxon Mobil Corp. wins court judgments to seize billions of dollars (euros) in Venezuelan assets,...   (Associated Press)
President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an
President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an "economic war" if Exxon Mobil Corp. wins court judgments to seize billions of dollars in Venezuelan assets, the...   (Associated Press)
President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an
President Hugo Chavez on Sunday threatened to cut off oil sales to the United States in an "economic war" if Exxon Mobil Corp. wins court judgments to seize billions of dollars (euros) in Venezuelan assets,...   (Associated Press)
A man pumps gas at an Exxon gas station, Friday, Feb. 8, 2008 in Waltham, Mass. Exxon Mobil has gone after the assets of state oil company, Petroleos de Venezuela SA, in U.S., British and Dutch courts as it challenges the nationalization of a multibillion dollar oil project by...
A man pumps gas at an Exxon gas station, Friday, Feb. 8, 2008 in Waltham, Mass. Exxon Mobil has gone after the assets of state oil company, Petroleos de Venezuela SA, in U.S., British and Dutch courts...   (Associated Press)
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Oil cutoff would be costly to Venezuela, too
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Other Latin American countries hope to follow Venezuela's model
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