I've blogged previously over how both Iran and Venezuela have threatened either explicitly or implicitly to use their considerable oil reserves as a weapon against the West in general and the United States in particular. This article that a reader brought to my attention is a little dated--it's from March--but it contains an excellent analysis not only of the way these countries produce oil, but of why they need us as much as we (unfortunately) need them: http://www.financialsense.com/editorials/gue/2007/0330.html.
It's well worth the read.
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On Sunday, the Associated Press did a story saying Iran also relies heavily on oil revenues and it would be dangerous to use it as a weapon: Iran's Use of Oil Weapon Cuts Two Ways
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