Venezuela Cuts off Oil To Exxon

President Hugo Chavez is back again, denying the sale of crude oil to Exxon Mobil. Venezuela is the United States' fourth largest oil supplier. Chavez is citing being pushed into "economic war" as his reason for the political move. This is in response to the U.S. decision to seize billions of dollars in Venezuelan assets.

The U.S. is the No. 1 buyer of Venezuelan oil, with several Venezuelan-owned oil refineries on American soil. The denial of sales to Exxon appears to be a detrimental move for both countries. Do we see a gas rate hike in our future? For more information, check out CNN.