Venezuelan President Hugo Chavez said on Sunday oil prices could hit $300 per barrel if U.S. oil company Exxon Mobil again freezes Venezuelan assets in a dispute over a nationalized oil project.From Bloomberg:
Exxon (XOM.N: Quote) won court orders freezing $12 billion in assets held by Venezuelan state oil company PDVSA after the OPEC nation took over a multi-billion dollar oil project, heightening tensions with the United States and helping to raise oil prices.
A London court later overturned Exxon's temporary asset freeze, but Chavez said the company could seek further action against Venezuela."If they freeze us there will be no more oil for the United States, and the price will go to $300,">>>MORE
Venezuelan President Hugo Chavez wore a suit for the occasion, and, grinning at about 300 business leaders he usually calls ``oligarchs,'' asked for help relieving a drought in investment.
``Those of you who have money abroad, bring some home,'' he implored company executives gathered June 11 at the former Caracas Hilton, a hotel taken over by the government last year. ``Let's ally ourselves, let's elevate production as much as we can,'' he said to scattered applause.
After squeezing the private sector for almost a decade with nationalizations and foreign exchange controls, Chavez is holding out the lure of lower taxes and $1 billion of loans to spark growth and combat spiraling inflation that only ramped up production can solve....MORE