Chavez is backing off his threats to cut oil sales to America that we recently told you about. According to Bloomberg, Venezuelan President Hugo Chavez said on state television that, "We don't have plans to stop sending oil to the U.S. ... All I've said is that, if the U.S. attacks us, we'll have to decide not to send one drop of oil to the U.S." False alarm everyone, back to using gas. Chavez meant if we attacked him, he would stop oil shipments ... which would make sense.
While America is in good shape to receive Venezuelan oil, things are not developing as well for oil companies. Chavez did not back off stopping sales to Exxon and he is considering a "tax on sudden earnings." I kinda like that idea.

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[Source: Bloomberg]

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