From the Blog:

Chavez's bark: calling his bluff

Oh dear, according to the Washington Post today, Exxon was right in calling Chavez's bluff. Here, just two excerpts from the last paragraph of the article to save you time (my emphasis):

But someone apparently explained to Mr. Chavez that Venezuela's oil industry, already in decline because of Mr. Chavez's mismanagement, might collapse if he actually carried out his threat. And without oil money, Mr. Chavez, who lost a referendum on extending his rule two months ago, cannot finance the subsidies and social spending that buy what's left of his popular support in Venezuela. [snip]In standing up to Mr. Chavez through peaceful, legal means, [Exxon Mobil]has once again exposed the hollowness of the anti-imperialism with which he justifies his rule.