The Axis of Oil: Iran, Venezuela, Russia
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 ... Full Story »
Posted by Kaizar Campwala
If Russia is able to invest in oil exploration and development in Venezuela, this is a good thing. Chinese development work in Central Asia (oil and gas lines, highways, etc.) is very much needed if economic progress is to bring greater stability to the region.