http://www.financialsense.com/fsu/ed...

Meanwhile, more grenades on the oil front, as weakened strongman Hugo Chavez is embroiled in an international court battle with Exxon Mobil. Did Hugo expect the oil giant to take it lying down? They have lawyers on the payroll. A multi-billion confiscation usually invites a reaction. Ironically, if Hugo cuts off the US on oil or gasoline or diesel shipments, he might not be able to adequate replace such ongoing contracts with Chinese contracts so quickly. Maybe the Venezuelan people can follow up their refusal to permit his dictatorship to become an institution, with some measure that leads to his removal from office. Not likely, but if major revenue is cut off, tens of thousands of demonstrators led by students might take to the Caracas streets. The prospect of New York courts making decisions with national appropriation in the background somehow seems laughable. What is the legal precedent for retaliation after seizure theft by a state corporation? Crazy times. Just another factor to keep the crude oil price chronically high. Besides, if the New York court acts in strong terms, it might set a precedent for action against US rogue financial firms engaged in fraud and home seizures!