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MONDAY, NOVEMBER 23, 2009
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 ANALYSIS 
5

Bye, Bye, Petro-Czars

The power of petro-czars has slumped as oil prices have fallen

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(Newser) – There is one silver lining to the global recession: The economic and political fortunes of America’s oil-rich antagonists have been tarnished, Rana Foroohar writes in Newsweek. Russia’s Vladimir Putin, Iran’s Mahmoud Ahmadinejad, and Venezuela’s Hugo Chávez have all been humbled by the falling price of oil, which has plummeted to $37 a barrel from from $147 last summer.

“High oil prices and oil wealth reshaped geopolitics,” said one expert. “Now we’re seeing the reversal of all that,” including diplomatic openness to “imperial” America and the possible sacking of Ahmadinejad and Chávez. Concludes Foroohar: Recession presents “the opportunity to exploit the even more glaring weaknesses of one’s rivals, to talk to enemies whose problems at home open them to compromise.”

Russian Prime Minister Vladimir Putin, right, and Venezuela's President Hugo Chavez, left, are seen during their meeting in the Novo-Ogaryovo residence outside Moscow, Thursday, Sept. 25, 2008.
Russian Prime Minister Vladimir Putin, right, and Venezuela's President Hugo Chavez, left, are seen during their meeting in the Novo-Ogaryovo residence outside Moscow, Thursday, Sept. 25, 2008.   (AP Photo/Ivan Sekretarev)
Russian President Vladimir Putin, left, and Iranian President Mahmoud Ahmadinejad pose for photographers during the Caspian Sea leaders summit in Tehran, Iran, Tuesday, Oct. 16, 2007.
Russian President Vladimir Putin, left, and Iranian President Mahmoud Ahmadinejad pose for photographers during the Caspian Sea leaders summit in Tehran, Iran, Tuesday, Oct. 16, 2007.   (AP Photo/RIA Novosti, Mikhail Klimentyev, Presidential Press Service)
Venezuelan President Hugo Chavez, right, talks with Iranian President Mahmoud Ahmadinejad, during closing ceremony of third OPEC Summit in Riyadh in kingdom of Saudi Arabia.
Venezuelan President Hugo Chavez, right, talks with Iranian President Mahmoud Ahmadinejad, during closing ceremony of third OPEC Summit in Riyadh in kingdom of Saudi Arabia.   (AP Photo/Hasan Sarbakhshian)
Iranian President Mahmoud Ahmadinejad, right, waves to the media next to his Russian counterpart Vladimir Putin as they stand for a group photo during Caspian Sea leaders summit in Tehran.
Iranian President Mahmoud Ahmadinejad, right, waves to the media next to his Russian counterpart Vladimir Putin as they stand for a group photo during Caspian Sea leaders summit in Tehran.   (AP Photo/Vahid Salemi)
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It's easy to shrug off the effect of sanctions or corruption or bad financial decisions when oil is in the triple digits.
That's much harder when the revenue is no longer pouring in.
- Vali Nasr, US envoy

Rising unemployment and deteriorating finances are leading to a political backlash. In Iran, factories are closing en masse. In Venezuela, antigovernment protests are intensifying. In Russia, street protests have broken out. - Rana Foroohar, Newsweek

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5 comments
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riffran
Feb 15, 09 6:16 PM CST
looks like those jacked up oil prices are backfiring......go wind and solar...hurt them even more by reducing our demand Reply
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aluminumman
Feb 15, 09 9:51 PM CST
Don't be fooled again.......no, no. no..........power swings like the pendulum, only thing we can really do is save up to the next time. Reply
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Doctor_Zaius
Feb 16, 09 5:46 AM CST
Or find an alternative. Burning 65 million year old dinosaur juice is not an effective energy policy.
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Nagual
Feb 16, 09 10:34 AM CST
Try explaining that one to the Senate.
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IN RESPONSE:
Doctor_Zaius
Feb 17, 09 5:57 AM CST
More like try explaining it to the Republicans. "Drill Baby Drill" is not an effective energy policy, it's a mantra designed to fire up the mouth breathers who don't understand what's happening.
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