A court ruling froze Venezuelan oil company PDVSA's U.S. and Dutch assets, among others, totaling as much as $12 billion. The suit was brought by Exxon Mobil in an attempt to ensure compensation for holdings lost in the nationalization of Venezuela's oil industry.
On his Sunday program Alo Presidente, Chavez responded in his usual fashion. Speaking "to the North American imperialists," he denounced the "white collar thieves," "imperialist bandits," "corruptors of government," and "supporters of the genocide in Iraq."
He warned that, if the economic war against Venezuela continues, oil shipments to the United States will stop.
On the radio program BBC Mundo Hoy, The Economist's Justine Thody said such a halt in shipments is unlikely. "They don't have alternative markets," she said. "Of course it's been an ambition of his [Chavez] to diversify the market for Venezuelan oil," she said, but the nature of Venezuela's crude, a heavier sort that requires a more elaborate refining process, is a major obstacle.
The Bush administration dismissed the threat as "something that we've heard before." The Chavez administration vowed to press forward with their socialist revolution.
Last week, Exxon Mobile reported the largest ever earnings for a U.S. company.
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