Four separate courts freeze PDVSA (Citgo) assets in Exxon Mibile legal case.

Mick Gregory

Did you see this on ABC, CBS, NBC, CNN or MSNBC? The Exxon Mobil lawsuit has advanced to the point that four world courts have frozen Venezuela’s PDVSA (Citgo) assets to the tune of $12 billion. Hillary Clinton should take a lesson from this; when a leftist/progressive government socializes or nationalizes companies, there are consequences.

The United States State Department on Wednesday backed Exxon Mobil Corp’s effort to win compensation from Venezuela for seized assets in a case that has prompted the OPEC nation to threaten to cut off oil supplies to America.

Venezuelan President Hugo (Boss) Chavez, an enemy of the U.S. and UK, (and friend to Cuba and Iran) says Exxon court victories that resulted in $12 billion in Venezuelan assets being frozen over the seizure is part of an “economic war” to unseat him directed by the Bush administration.

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“We fully support the efforts of Exxon Mobil to get a just and fair compensation package for their assets according to the standards of international law,” said State Department spokesman Sean McCormack.

“But we are not involved in that dispute. It is something that has to be litigated between Venezuela and Exxon Mobil and various courts around the world,” he added.

Chavez stopped oil exports to Exxon on Tuesday, escalating Venezuela’s multibillion-dollar fight with the U.S. company over his nationalization of a project last year that was part-owned by Exxon and Britain’s BP.

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