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Daniel Yergin (one of the world's foremost energy experts) tweeted yesterday: "Too soon to say what Hugo Chavez’ death means for oil prices but it is certainly true that oil prices are what made Hugo Chavez possible."

I fully agree with this statement, but one could also say the same for leaders from all ends of the political spectrum. I expand on this idea in a new Recon Hub post, using Maggie Thatcher as an ideological foil to Mr Chavez.

In Thatcher's case, the (then newly discovered) North Sea oil and natural gas reserves played a key strategic role in her fight against the coal mining unions, as well as enabling her government to pay down Britain's national debt.

Read more here.