By Prof. Gawdat G. Bahgat
The usa is the world's biggest oil purchaser and importer. the following Gawdat Bahgat examines the nation's growing to be dependence on fossil fuels--particularly oil--and the most demanding situations it faces in securing provides from energy-rich areas, the Persian Gulf and the Caspian Sea. He argues that long term U.S. strength method has to be outfitted on variety of either the gasoline combine and the geographic starting place of that gasoline. it may comprise a extensive mix of measures that may stimulate household creation, offer incentives for conservation, advertise fresh applied sciences, and put off political limitations to international markets.
Bahgat additionally contends, although, that the aim shouldn't be power independence, yet discovering new methods of dealing with dependence on oil offers from out of the country. He continues that regardless of expanding reservoirs of oil and usual gasoline during the international, together with the Caspian Sea, the Persian Gulf will remain the most resource of U.S. fossil gasoline. Bahgat analyzes either contemporary and historic demanding situations to the connection among the USA and Saudi Arabia, the world's greatest oil manufacturer and exporter, together with the Arab-Israeli peace procedure. He additionally discusses the hostility among the U.S. and Iraq and the demanding courting among the U.S. and Iran, together with such delicate subject matters because the proliferation of guns of mass destruction and terrorism, in addition to advancements within the wake of September eleven, 2001.
In his review of the underdeveloped Caspian Sea reservoir, Bahgat means that power specialists and coverage makers have exaggerated the region's capability, bringing up logistical, monetary, and political hindrances that has to be conquer ahead of the quarter performs a massive function in generating fossil fuels. those hindrances contain household ethnic divisions, disputes over the felony prestige of the Caspian, disagreements over the main in your price range transportation routes, and alterations within the quarter within the aftermath of the battle on terrorism.
Gawdat Bahgat, director of the heart of heart jap reports at Indiana collage of Pennsylvania, is the writer of The Gulf Monarchies: New fiscal and Political Realities; the way forward for the Gulf; and The Persian Gulf on the sunrise of the hot Millennium.
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Additional info for American Oil Diplomacy in the Persian Gulf and the Caspian Sea
The global nature of oil trade and pricing means that an oil crisis would affect all. Sixth, achieving a state of stability in oil prices and security of supplies would benefit both producers and consumers. The global energy market has shifted from the confrontational attitude between consumers and producers in the 1970s to one of cooperation in the 2000s. Oil security is seen less in zero-sum terms and more as mutual benefits between consumers and producers. 24 | American Oil Diplomacy in the Persian Gulf and the Caspian Sea 2 The Global Energy Scene Oil remains the largest single category in international trade, whether measured by volume or value.
First, until President Bush decided to fill the SPR to its capacity, the Reserve had declined both as a share of imports and in absolute size. The volume of oil stored in the SPR peaked at 592 million barrels in 1994. 31 This decline is more dangerous when measured by the number of days of net oil import protection. 32 Second, under the EPCA there was 18 | American Oil Diplomacy in the Persian Gulf and the Caspian Sea no preset “trigger” for withdrawing oil from the SPR. In 1991, the withdrawal was mainly in response to potential interruption of supplies due to the Iraqi invasion of Kuwait, while the sale in 2000 was initiated to dampen price hikes.
The Japanese economy, however, experienced a recession for most of the 1990s. The country’s energy sector is different in many ways from other consumers. First, Japan has almost no hydrocarbon reserves of its own but is the world’s fourth largest energy consumer (after the United States, China, and Russia). 28 As a result of slow economic growth, Japanese demand for energy has been stagnant in recent years. Second, since the first oil shock in the mid-1970s, a driving factor shaping Japanese energy policy has been fear of an oil disruption.