Axis Of Oil: Iran, Venezuela, Russia

October 30, 2008
Riding high this summer, three oil-producing nations sharing a disdain for the U.S. used their petro-dollars to fund policies not in the super-power's playbook. However, with the abrupt change of worldwide, economic fortunes, oil states now have headaches of their own. Venezuela's Chavez, who blustered and spread the wealth, has become more contrite as oil income shrinks; Iran spent alot on crowd pleasing measures that did not manage to throw off the dead weight of sanctions. For now, only Russia seems able to have it both ways, pushing against the U.S. when oil was expensive, and now that it is cheap, cutting a deal with China that could change the game for everyone.