Capitalist Values At Work

Exxon Gets $242 Million by Delaying Venezuela Notice
"Feb. 13 (Bloomberg) -- Exxon Mobil Corp. waited 24 hours to inform Venezuela's state oil company of a court order freezing a New York bank account, a tactic that netted $242 million.
The world's biggest oil company postponed serving the order to block the account until Venezuela freed up the money on Dec. 28, according to a Jan. 24 federal court filing in New York. Ninety minutes after Exxon Mobil received its wire transfer, the company notified Venezuela of the Manhattan judge's ruling that suspended the account.
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Exxon Mobil's "conduct is a classic example of unclean hands,'' Joseph Pizzurro, a lawyer with Curtis, Mallet-Prevost, Colt & Mosle LLP in New York who represents Venezuela, said in the Jan. 24 filing. "Not only is it a breach of contract, it is bad faith, plain and simple.''


Venezuela halts oil supplies to Exxon Mobil
"Feb 13 LONDON (MarketWatch) -- Venezuela halted oil supplies to Exxon Mobil, the latest move by the country's president, Hugo Chavez, in an increasingly bitter dispute over the country's seizure of the company's stake in two oil ventures."

Oil prices rise as Venezuela cuts supplies
"Feb 13 LONDON (AFP) — World oil prices headed upwards on Wednesday as traders assessed a move by Venezuela's state oil company PDVSA to cut supplies to US oil giant ExxonMobil."

Expect record gasoline prices by spring
"Gasoline prices, already up 72 cents a gallon over a year ago, are poised to go higher — possibly shattering records."