Wednesday, February 13, 2008
Chavez will be left looking for places to sell, while Exxon 'will have the last laugh all the way to the bank
Oppenheimer & Co. analyst Fadel Gheit said Exxon Mobil won't have any trouble finding more crude oil to buy on the world market now that Venezuela has cut the oil giant off. 'Hugo Chavez is sorely mistaken,' Gheit said of the Venezuelan president who has upped his rhetoric since Exxon Mobil moved last week to seize $12 billion in the country's overseas assets. 'Exxon buys oil in 35 different varieties -- more flavors than Baskin Robbins,' Gheit said. Since Venezuelan oil is a heavier grade and requires more refining than other types of crude, Chavez will be left looking for places to sell, while Exxon 'will have the last laugh all the way to the bank,' he said. Exxon Mobil officials could not be reached for comment.
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Fox News are propagandists, liars and compleat bullshitters. Exxon-Mobil may have places to buy oil from now -- but they certainly have one less place to produce oil from. And this will matter more, not less, as time goes by.
ReplyDeleteAnd Venezuela will always have buyers, if not immediately ready ones. Blow it out your ass, Gheit.