Chavez has responded to the freezing of billions of dollars of Venezuelan oil by US owned Exxon mobile in a what I call typical manner–threating to cut oil from the US. An BCC article covered the story: Exxon brought the Venezuelan government to court for compensation for the loss of profits it has experienced from Chavez seizing their oil projects last year. The compensation has not been completely settled but the figures are outstanding, and nonetheless Venezuela is headed for economic trouble–one in which it cannot afford. Chavez pleaded,

“If you end up freezing [Venezuelan] assets and it harms us, we’re going to harm you.”

Although, I am not sure if cutting off oil to the US will do much damage, if anything it may be more detrimental to Venezuela. Either way, Chavez has always been seen as a sort of martyr in the eyes of many Latin Americans for standing up to the US. His government, being a democracy has the responsibility to protect its citizens (in this case being financially). In my personal opinion, Chavez has attempted to help his people overcome poverty at the best of his capabilities. One way, he has helped his country grow is by nationalizing some companies, and this has produced some good results. I personally feel that the Exxon company is being nothing more than greedy. Exxon already takes in massive amounts of revenue at the expense of many of the environments it inhabits, and does not need to be compensated for anything. Exxon will not disperse its earnings for a population, only a select few reap the benefits. If the US truly wants to help developing nations then it will not interfere. I guess it’s just the classic case of the robin barrens.