the saudis know it hurts them, but they hope it will hurt everyone else more. one of saudi arabia's main aims is to put american producers of shale and tight oil out of business. so far it's not worked. though battered by plunging prices american firms have used technology and smart business practices to stay afloat. major oil-producing countries everywhere are facing a fiscal reckoning like nothing they've seen in decades, perhaps ever. let's take a brief tour of this new world. venezuela. hugo chavez's popularity, 20th century socialism and mismanagement of the country's economy were made possible by one factor, a prolonged oil boom. oil makes up 96% of venezuela's exports. its economy is estimated to shrink by 7% this year, having already contracted by 4% last