Exxon Mobil (XOM) and ConocoPhillips (COP) refused to sign an agreement allowing Venezuela’s state-run oil company to take charge of joint ventures in the south of the country. What’s the trade?
Eric Bolling says Chavez is re-nationalizing larger chunks of oil fields. However, Eric thinks the decision to leave Venezuela is a mistake. Companies that remained such as Statoil (STO), Total (TOT) and Chevron (CVX) stayed strong, says Eric.
Eric adds Chavez is smart and knows he can’t afford to seize all of the oil fields -- in addition, Eric says oil companies can’t pull out of every country run by a dictator.
Eric Bolling says the best play is probably owning the United States Oil Fund (USO).
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Trader disclosure: On June 26 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:Macke Owns (SWY); Najarian Owns (.VIX); Bolling Owns (BP), (T); Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures; CNBC Is A Service Of NBC Universal And Dow Jones