Clearly, the Chinese need the resources, but I don't think they want to clash with the industrial world which happens to be the market for their goods.

The North Sea was supposed to run out in the 1980s. Then in the 1990s. And now production is still on-line.

But that's not enough: To maintain energy security, one needs a supply system that provides a buffer against shocks. It needs large, flexible markets. And it's important to acknowledge the fact that the entire energy supply chain needs to be protected.

Cycles of shortage and surplus characterize the entire history of oil.

To meet the energy challenge requires the most important energy of all - human creativity. That's the real prize.

The starting point for energy security today as it has always been is diversification of supplies and sources.

We are living in a new age of energy supply anxiety.