First, this idea to "reduce dependence on oil" from the anti-American countries that produce and export them is a fantasy. Most people only think of the fact that Americans depend heavily on foreign oil because if you want to get anywhere in your daily life in America you have to drive. Fact is, we don't depend on oil just for driving but to produce the sort of consumer products that are vital to our daily life. Consider the case of plastic. Can't make plastic without oil. Life as we know it would be very different if not uncomfortable without it. Also consider the case of fertilizer, a commodity also vital to our agriculture and whether we get food on the table or not. Without oil a lot of the food growing in this country or the world for that matter wouldn't happen.

Megan McArdle over at TheAtlantic.com had a good take on this:

http://meganmcardle.theatlantic.com/archives/2008…

Second, your probably not hearing from Iran in recent days because the US has signed the recent SOFA agreement with Iraq in which it is stipulated that they have to leave by 2011. The one thing that was irritating them (US forces in Iraq) will, in a couple of years, recede into history.

On larger point, the drop in oil has to do with the stagnation of the global economy stemming from the financial meltdown in the United States. I think once a modicum of economic activity kicks in, whether in China, Europe, or even the US, oil prices will probably reach to some sort of level that is comfortable for these countries leaders. For instance, once the credit spigots begin to send out little more of a trickle, Americans will start busting out their credit cards to fill up their Chevy's, Camry's, F-150's, and Honda Civics to take the 20 minute drive to Wal-Mart or the local mall to buy the very plastic products that require foreign oil.

When Korea was hit with the financial crisis in 1997 the nationalist card was played as well to point where Koreans still remember the crisis as the "IMF Crisis". However, Koreans came together with a strategy and paid their debts, which is something Kim Dae-jung should be given much credit for.

As far as Hugo Chavez trying to help Correa, he can't do much because Venezuela is in the same boat because of the dropping oil prices. In response these leftist countries are trying to ban together to create a block to jointly not pay foreign debt. Interestingly in the case of Ecuador much of their debt is to Brazil which is causing tensions between those two nations:

http://upsidedownworld.org/main/content/view/1627…

If this is a perfect example of why the US should do everything possible to reduce dependence on oil. Adversaries like Chavez are far less dangerous when they don't have easy oil money to advance their agendas. Notice you haven't heard much from Iran recently either.