As if you need another reminder about how the explosion in U.S. shale oil and gas production is rocking OPEC's world, you only have to go as far as the International Energy Agency’s most recent report.
When you think of Hugo Chavez, you really have to think of the price of oil because oil put him in power and kept him there. Chavez was swept into power because, among other reasons, the low cost of oil.
Is it any wonder that even the IEA lowed its global oil demand forecast for 2012 and 2013 by 300,000 to 400,000 barrels a day? The IEA says 2013 oil demand growth at 0.8 million barrels a day down from 1 million barrels a day.