Geopolitics of Oil

The price and availability of oil and natural gas affects every American. That’s why it is important that the Energy Committee’s first hearing of the 110th Congress focused on the global oil situation and its implications for U.S. economic and national security interests. As a nation, we now depend on oil imports to meet sixty percent of our oil needs. Even modest disruptions in the world supply can result in price spikes at the pump, as we have seen in recent years. First, there is little surplus production capacity relative to global demand. Much of the current production is controlled by national oil companies that are often making political rather than economic decisions, and are not making the investments needed to maintain and expand production capacity. This book examines the geopolitical factors surrounding the acquisition of oil supplies.