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Business

Exxon v. Venezuela and you're the loser in this battle

Exxon claims it's won a round in its court battle against Venezuela. Venezuelan assets are now frozen in Britain and Netherlands.
Written by Harry Fuller, Contributor

Exxon claims it's won a round in its court battle against Venezuela. Venezuelan assets are now frozen in Britain and Netherlands. A lawsuit is in court int he U.S. as well. Exxon claims total Venezuelan assets valued at $36 billion dollars are now frozen.

In turn Venzuela is threatening to retaliate by cutting off oil exports to the U.S. in what it terms an economic war. Bet they won't have any trouble selling that oil elsewhere.

Of course nothing like a good slam-bang international oil crisis to set up another upward surge in crude oil prices which have now once again gone over $90 per barrel. Exxon v. Venezuela trumps recession fears for now. And this is another full employment act for lawyers. Even V's socialist regime will have to pay international law firms. And we American gas guzzlers will help pay Exxon's legal team every time we say "Fill 'er up."

This battle has been decades in the making and these lawsuits will be years in court. Venezuela's just one of many countries moving toward more national control of assets long dominated by corporations from capital-rich nations. When Venezuela nationalized major oil fields there, Exxon went to court for payment. Russia, Iran, Ecuador and Bolivia will all be watching closely to see how this plays out.

And this nervous-making situation will only strengthen the interest and investment in homegrown green tech and coal-bureing tech and nuclear where the U.S. could generate and use energy on its own terms on its own territory regardless of what happens in another country thousands of miles away.

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