W HAS TIME FOR ONE LAST WAR FOR OIL (via Jim Yates):

Court Bars Sale of Billions in Oil Assets by Venezuela (SIMON ROMERO, 2/08/08, NY Times)

Venezuela’s dollar-denominated bonds suffered their steepest drop in six months on Thursday on concerns that Mr. Chávez’s government could face a protracted legal battle with Exxon, preventing the government from raising cash through the sale of refineries abroad if the economy here slows after years of torrid growth.

Investors are also increasingly concerned about the financial health of the national oil company, Petróleos de Venezuela, amid reports that its debt is ballooning as its output declines.

The oil company is the largest single source of revenue for Mr. Chávez’s government, financing an array of social welfare projects and foreign aid to leftist allies.

“This is a big blow against Venezuela,” said Pietro Pitts, an oil analyst who publishes Latin Petroleum, an industry magazine based here. “It could set an important precedent for other multinationals threatened by Venezuela’s government.”

It's not like there are any bad reasons for regime change in VZ.

Posted by Orrin Judd at February 8, 2008 12:02 AM