Exxon vs. Chavez: More Smoke Than Fire

…So then, why is it that every time Hugo Chavez opens his mouth, crude oil futures leap to attention and U.S. politicians wet themselves? It


The slightly longer answer revolves around the following three essential facts about the U.S. predicament:

1.
The U.S. produced less oil in 2006 than it did in 1950.

2.
Venezuelan oil accounts for 10% of total U.S. oil imports.

3.
Oil imports made up 40% of the U.S. trade deficit last year.

Let