The Rising and Falling Power of Hydrocarbon States

The fast rising demand for oil by China and India, sharply declining fresh discoveries, and high prices are empowering the countries with large reserves of black gold as never before. Venezuelan President Hugo Chavez provides a striking example of how petroleum has emboldened leaders of oil-rich states to thumb their noses at the giant neighbor in the north – the US.


Aside from his hint that Venezuela might be seeking nuclear power, the highlight of Chavez