Friday, January 29, 2010

Boycott Citgo Oil and Gasoline – Owned by Venezuelan Government… O’s Friend Chavez

Did you know that Citgo is owned by the Venezuelan government…??

Citgo Petroleum Corporation or Citgo, a subsidiary of Petróleos de Venezuela S.A., the Venezuelan state-owned petroleum company, is a United States-incorporated firm refiner and marketer of gasoline, lubricants, petrochemicals and other petroleum products. PDVSA is controlled by the Venezuelan government. The Citgo gasoline brand was inaugurated in 1965 by the Cities Service Company, a United States based energy company that first rose to prominence in the early 1900s. Cities Service Company was acquired by Occidental Petroleum Corporation in 1982. That same year, Cities Service Company transferred all of the assets of its Refining, Marketing and Transportation division (which comprised its refining and retail petroleum business) into the newly formed Citgo Petroleum Corporation subsidiary, to ease the divestiture of the division. In 1983, Citgo and the Citgo brand was sold by Occidental to Southland Corporation, owners of the 7-Eleven chain of convenience stores; 50% was sold to Petróleos de Venezuela in 1986, and the remainder in 1990. As of 2004, it is headquartered in Houston, Texas, with over 4,000 employees and annual revenue in excess of $32 billion. Citgo has supplied 14,000 retailers, but in July 2006 announced plans to cease serving 14% of their independent retailers in the United States. Before relocating its headquarters to Houston, Citgo was headquartered in Tulsa, Oklahoma. (Cities Service Company continued on under various Occidental names as a part of OXY's domestic exploration and production business, but all Cities Service trademarks are now owned by Citgo.)

A number of 7-Eleven stores in the U.S. are licensed to sell motor fuel and lubricants under the Citgo brand.

Hugo Chávez… Marxist dictator who openly hates America and is known for his civil rights violations.

Has Citgo become a political tool for Hugo Chávez?

By David J. Lynch, USA TODAY

HOUSTON — From the glass-walled building and manicured lawn to the security guard who greets visitors in a cheerful Texas drawl, everything at Citgo Petroleum seems perfectly ordinary.

Motorists pump gas at a Citgo gas station in October. Chavez could destroy the U.S. economy in 90 days, an energy banker said.Motorists pump gas at a Citgo gas station in October. Chavez could destroy the U.S. economy in 90 days, an energy banker said.

By Tim Boyle, Getty Images

But in fact there's nothing ordinary about Citgo. One of the USA's largest refiners, Citgo is a subsidiary of Venezuela's state-owned oil company, Petroleos de Venezuela S.A. (PDVSA). As such, it ultimately belongs to Venezuelan President Hugo Chávez, an avowedly anti-American leader who counts Fidel Castro among his closest friends and mocks President Bush as a "genocidal murderer."

The question of Chávez's influence over Citgo was highlighted by the company's recent provision of 25 million gallons of subsidized home-heating oil to poor people in the northeast USA. More than 100,000 households in four states should eventually benefit from the low-cost heating aid.

But some worry that Venezuela's ownership of more than 6% of U.S. refinery capacity gives Chávez, a former paratrooper given to wearing red berets and military fatigues, the power to cripple as well as comfort.

As Hurricanes Katrina and Rita demonstrated, any disruption to the nation's refining industry instantly increases gas prices. What if Chávez, who periodically threatens to curtail oil shipments to the USA, closed Citgo's refineries? (Read Full Article)

Chavez Furiously Backtracking As Venezuela Petro-Economy Deteriorates

(Translation: Chavez Begs for Foreign $$ After Running Economy Into Ground)

In anticipation of Thursday's Carabobo oil field auction, outspoken Marxist president Hugo Chavez quietly pleaded for foreign investment.

""Investment and experience from foreign oil firms is necessary in Venezuela. We need it," Chavez said, according to Dow Jones.

The statement is a serious turnaround for a government that has nationalized dozens of foreign oil companies in recent years. But they 'need' foreign investment because mismanagement is turning the country into just another failed petro-state.

This is also the second instance of Chavez backtracking today.

Chavez reversed a six-year ban on the sale of U.S. dollars by Venezuela's central bank, in an effort to control the vast amount of money that was leaving the country through unregulated exchange, according to Bloomberg.

He had previously threatened to "burn the hands" of speculators who speculated against the bolivar.

hugo chavez worried

Hopefully the president understands that if the U.S .government sends (more) aid to his Marxist friend, it could mean curtains for him!!

And Americans need to stop purchasing Citgo products and invest in U.S. stocks and US friendly (country) stocks.

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