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Thread: Venezuela seizes oil rigs owned by US company

  1. #41
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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by Befuddled_Stoner View Post
    If you make stupid business decisions, it’s your own damn fault when things go sour. It's called tough love. I wonder how many “conservatives” are in favor of a government bailout for this company.
    It's fascinating to see that people consider doing business with another country, especially Venezuela, to be a "stupid business decision" . . . when our entire WORLD centers around "doing business with other countries"

    I'll point out that we do a HUGE a mount of trading and business with Venezuela - a lot of it directly led by our government.

    I quote from the link I gave a few posts up the page:
    Despite political tensions between the United States and Venezuela, the United States remains Venezuela's most important trading partner. In 2009, bilateral trade topped U.S. $37.4 billion. Venezuelan exports to the United States were U.S. $28.1 billion (accounting for at least 46% of total Venezuelan exports), and U.S. exports to Venezuela were $9.4 billion (or 24.3% of total Venezuelan imports). The U.S. is the single most important customer for Venezuelan oil. Venezuela shipped an average of 1.1 million barrels of crude oil and petroleum products per day to the U.S. in 2009 (through November), a figure which accounts for at least half of Venezuelan oil exports and 12% of U.S. oil imports.
    If we didn't import oil from Venezuela then who else would we do business *with* - seeing as how doing business with them is "a stupid business decision"

    Who would be better? where does the world's oil sources come from, anyway?
    File:Oil producing countries map.png - Wikipedia, the free encyclopedia <-- It's just a map, not an article, click it.
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  2. #42
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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by Befuddled_Stoner View Post
    If you make stupid business decisions, it’s your own damn fault when things go sour. It's called tough love. I wonder how many “conservatives” are in favor of a government bailout for this company.
    You're misunderstanding the argument.

    I am not saying that we should be bailing out this company.
    I am not saying that this was an unforeseeable consequence of doing business with a regime that does not respect contractual obligations.

    I am saying that this is just another reason why places like Venezuela are antithetical to everything that the international economic community has worked toward.
    I am saying that Chavez's short-term gain will cause Venezuela long-term harm
    I am saying that when people reflexively support anything that hurts something that they think is bad, they run the risk of missing the bigger picture.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  3. #43
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    Re: Venezuela seizes oil rigs owned by US company

    Venezuela seizes oil rigs owned by US company
    This is an act of war. Will the US do anything, with the current sitting prez? Hell no!
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  4. #44
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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by apdst View Post
    This is an act of war. Will the US do anything, with the current sitting prez? Hell no!
    It's not an act of war. Things like this have happened before with other oppressive regimes, but it's rarely a cause for actual conflict.

    There's a 0% chance we would have gone to war with Venezuela over this, regardless of who was president.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  5. #45
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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by apdst View Post
    This is an act of war. Will the US do anything, with the current sitting prez? Hell no!
    It took me a little while to find the next legal step - which is International Arbitration.
    This has been sought concerning PDVSA and Venezuela in the past in which rights and issues have been in conflict.
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  6. #46
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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by Aunt Spiker View Post
    It took me a little while to find the next legal step - which is International Arbitration.
    This has been sought concerning PDVSA and Venezuela in the past in which rights and issues have been in conflict.
    This assumes that the contract between the parties included a provision providing for international arbitration in case of a dispute. Moreover, international arbitration only works where the party winning the award is able to enforce the panel's judgment.

    edit: In an unrelated case, Exxon just won a dispute against Venezuela over Chavez's nationalization of their property:

    http://online.wsj.com/article/BT-CO-...25-704543.html
    Last edited by RightinNYC; 06-27-10 at 11:14 PM.
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  7. #47
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    Re: Venezuela seizes oil rigs owned by US company

    Quote Originally Posted by justabubba View Post
    but at least you do now acknowledge they are NOT - and were not - owned by the USA
    progress



    Since when does asking a question = "acknowledging".


    You couldn't be more hoplessly wrong, as usual.
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