GEOPOLITICS OF OIL -- GEOPOLITICS OF OIL -- CONTENTS -- PREFACE -- OPENING STATEMENTOF HON. JEFF BINGAMAN,U.S. SENATOR FROM NEW MEXICO∗ -- STATEMENT OF HON. PETE V. DOMENICI,U.S. SENATOR FROM NEW MEXICO -- PREPARED STATEMENT OF HON. PETE V. DOMENICI,U.S. SENATOR FROM NEW MEXICO -- PREPARED STATEMENTOF HON. GORDON H. SMITH,U.S. SENATOR FROM OREGON -- PREPARED STATEMENTOF HON. BERNARD SANDERS,U.S. SENATOR FROM VERMONT -- STATEMENT OF HON. BYRON L. DORGAN,U.S. SENATOR FROM NORTH DAKOTA -- STATEMENT OF HON. KEN SALAZAR,U.S. SENATOR FROM COLORADO -- STATEMENT OF DR. FATIH BIROL,CHIEF ECONOMIST, HEAD OF THE ECONOMICANALYSIS DIVISION, INTERNATIONALENERGY AGENCY, PARIS, FRANCE -- PREPARED STATEMENT OF DR. FATIH BIROL,CHIEF ECONOMIST, INTERNATIONAL ENERGY AGENCY -- DEMAND -- SUPPLY -- Resources and Reserves -- Production -- INVESTMENT -- Upstream Investment -- Downstream Investment -- Investment Uncertainties and Challenges -- Implications of Deferred Upstream Investment -- ALTERNATIVE POLICY SCENARIO -- Demand in the Alternative Policy Scenario -- Supply in the Alternative Policy Scenario -- REFERENCES -- STATEMENT OF LINDA G. STUNTZ,ON BEHALF OF ACOUNCIL ON FOREIGN RELATIONSINDEPENDENT TASK FORCE -- PREPARED STATEMENT OF LINDA G. STUNTZ,ON BEHALF OF A COUNCIL ON FOREIGN RELATIONSINDEPENDENT TASK FORCE -- CONCLUSION -- STATEMENT OF DR. ROBERT D. HORMATS,VICE CHAIRMAN, GOLDMAN SACHS(INTERNATIONAL) -- PREPARED STATEMENT OF ROBERT D. HORMATS,VICE CHAIRMAN, GOLDMAN SACHS (INTERNATIONAL) -- ENERGY INTERDEPENDENCE -- KEY RECOMMENDATIONS -- The Global Energy Challenge -- America's Clear and Present Dangers -- China -- There Are No Silver-Bullet Solutions -- The Capabilities of the American People -- STATEMENT OF GENERAL CHARLES WALD,U.S.AIR FORCE [RETIRED], FORMER DEPUTYCOMMANDER, U.S. EUROPEAN COMMAND,AND MEMBER, ENERGY SECURITYLEADERSHIP COUNCIL.

PREPARED STATEMENT OF GENERAL CHARLES F.WALD,USAF (RET.), FORMER DEPUTY COMMANDER,U.S. EUROPEAN COMMAND, AND MEMBER, ENERGYSECURITY LEADERSHIP COUNCIL -- THE MILITARY'S HISTORICAL INVOLVEMENT INENERGY SECURITY -- THREATS ABOUND -- PARTNERING FOR PREPAREDNESS -- MILITARY POWER HAS LIMITS -- OIL CONSTRAINS U.S. FOREIGN POLICY -- CONFRONTING DIVERSE DANGERS -- REFERENCES -- STATEMENT OF DR. FLYNT LEVERETT,SENIOR FELLOW AND DIRECTOR,GEOPOLITICS OF ENERGY INITIATIVE,NEW AMERICA FOUNDATION,WASHINGTON,DC -- PREPARED STATEMENT OF DR. FLYNT LEVERETT∗,SENIOR FELLOW AND DIRECTOR, GEOPOLITICS OF ENERGYINITIATIVE, NEW AMERICA FOUNDATION,WASHINGTON,DC -- RESOURCE NATIONALISM AND RESOURCE MERCANTILISM -- THE NEW AXIS OF OIL -- THE RACE FOR IRAN -- STRATEGIC CHALLENGES AND POLICY RESPONSES -- REFERENCES -- APPENDIX:RESPONSES TO ADDITIONAL QUESTIONS -- QUESTIONS FROM SENATOR DOMENICI FOR DR. BIROL -- QUESTIONS FROM SENATOR DOMENICI FOR ALL WITNESSES -- QUESTIONS FROM SENATOR CANTWELLQUESTION ONE: IMPACT OF GROWING CHINESE FOSSILFUEL DEMANDS -- QUESTION TWO: IMPORTANCE OF REDUCING U.S. OILDEMAND IN TRANSPORTATION SECTOR -- QUESTION THREE:MYSTERY OF HIGH WORLD OIL PRICES -- QUESTION FOUR: NEED FOR COLLABORATION AMONGMAJOR OIL CONSUMERS RATHER THAN MILITARY ACTION -- QUESTION FIVE: IRAN'S ROLE IN THE WORLD OIL MARKET -- QUESTIONS FROM SENATOR SANDERS -- QUESTION FROM MR. SESSIONS -- QUESTIONS FROM SENATOR DOMENICI FOR ALL WITNESSES -- QUESTIONS FROM SENATOR CANTWELLQUESTION ONE: IMPACT OF GROWING CHINESE FOSSILFUEL DEMANDS -- QUESTION TWO: IMPORTANCE OF REDUCING U.S.OILDEMAND IN TRANSPORTATION SECTOR -- QUESTION THREE:MYSTERY OF HIGH WORLD OIL PRICES -- QUESTION FOUR: NEED FOR COLLABORATION AMONGMAJOR OIL CONSUMERS RATHER THAN MILITARY ACTION -- QUESTION FIVE: IRAN'S ROLE IN THE WORLD OIL MARKET -- QUESTIONS FROM SENATOR SANDERS -- QUESTION FROM SENATOR SESSIONS.

QUESTIONS FOR ALL WITNESSES -- QUESTION FROM SENATOR CANTWELLQUESTION ONE: IMPACT OF GROWING CHINESE FOSSILFUEL DEMANDS -- QUESTION TWO: IMPORTANCE OF REDUCING U.S.OILDEMAND IN TRANSPORTATION SECTOR -- QUESTION THREE:MYSTERY OF HIGH WORLD OIL PRICES -- QUESTION FOUR: NEED FOR COLLABORATION AMONGMAJOR OIL CONSUMERS RATHER THAN MILITARY ACTION -- QUESTION FIVE: IRAN'S ROLE IN THE WORLD OIL MARKET -- QUESTIONS FROM SENATOR SANDERS -- QUESTION FROM SENATOR SESSIONS -- QUESTIONS FROM SENATOR DOMENICI FOR ALL WITNESSES -- QUESTIONS FROM SENATOR CANTWELLQUESTION ONE: IMPACT OF GROWING CHINESE FOSSILFUEL DEMANDS -- QUESTION TWO: IMPORTANCE OF REDUCING U.S.OILDEMAND IN TRANSPORTATION SECTOR -- QUESTION THREE:MYSTERY OF HIGH WORLD OIL PRICES -- QUESTION FOUR: NEED FOR COLLABORATION AMONGMAJOR OIL CONSUMERS RATHER THAN MILITARY ACTION -- QUESTION FIVE: IRAN'S ROLE IN THE WORLD OIL MARKET -- QUESTIONS FROM SENATOR SANDERS -- QUESTION FROM MR. SESSIONS -- QUESTION FROM SENATOR DOMENICI FOR MS. STUNTZ -- QUESTIONS FROM SENATOR DOMENICI FOR ALL WITNESSES -- QUESTIONS FROM SENATOR CANTWELLQUESTION ONE: IMPACT OF GROWING CHINESE FOSSILFUEL DEMANDS -- QUESTION TWO: IMPORTANCE OF REDUCING U.S.OILDEMAND IN TRANSPORTATION SECTOR -- QUESTION THREE:MYSTERY OF HIGH WORLD OIL PRICES -- QUESTION FOUR: NEED FOR COLLABORATION AMONGMAJOR OIL CONSUMERS RATHER THAN MILITARY ACTION -- QUESTION FIVE: IRAN'S ROLE IN THE WORLD OIL MARKET -- QUESTIONS FROM SENATOR SANDERS -- QUESTION FROM MR. SESSIONS -- INDEX.