The Oil World's New Bullies

Move over, Exxon Mobil(XOM Quote). Step aside, BP(BP Quote). Run away home, Chevron(CVX Quote). There's a new set of oil bullies on the block. And they're named Russia, Iran, Venezuela and Chad.

No need to feel sorry for the Exxon Mobils of the world while you're filling up your tank with $3-a-gallon gas. Who can feel sorry for a company that earned $36 billion in 2005, more than any U.S. company ever?

But as you seethe about $3 gas now and worry about $4 gas next year, remember that Big Oil isn't calling the shots anymore. Venezuela has forced Exxon Mobil to slink out of the country and has made Chevron and ConocoPhillips(COP Quote) pay a 75% hike in royalties and a 50% increase in taxes and say, "Thank you, sir, may I please have another?"

Russia is blackmailing all of Europe by saying "Sell us your natural-gas delivery companies or no natural gas for you." Iran has thumbed its nose at the U.S. and the U.N., figuring that the world needs its oil too much to actually do anything about its nuclear weapons program. And Chad got the World Bank, the U.S. government and Exxon Mobil to cough up disputed royalties by threatening to shut its oil pipeline. ...