In the past when OPEC’s back has been against the wall, like the late-1990s, energy prices and demand rebounded to save them from the ash heap of history. Yet this time may be different. Why? Because OPEC is not the only game in town!
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.
Gasoline fell after the Kyodo News service reported that the U.S. called for a release of strategic oil reserves amid rising U.S. crude supplies and concern the European debt crisis will reduce fuel demand.