I saw this coming.
From the English translation of Pakistan's Daily Times.
“In the past, oil contributed to the development of the United States,” Chavez said in his opening remarks. “Now it is time to make oil serve the development of our people. Venezuela is putting its oil reserves at the service of Latin America.”
Longtime readers will remember my post from July 12th of last year on Citgo's decision to pull out of the US consumer oil market altogether.
The Oil Wars (my emphasis) have begun.
This seemingly small announcement by Venezuela's CITGO is a sign of things to come. The petroleum hording has begun with each oil-producing nation looking out for its own. And with global respect of the United States at an all-time low, we can expect more countries to snub our SUVs and conspicuous consumption lifestyles to support their own SUV and conspicuous consumption lifestyles.