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

Even Silicon Valley investors have put well over a $1 billion in new energy technologies.

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

According to one study by the United States Geological survey, 86 percent of oil reserves in the United States are the result not of what is estimated at the time of discovery but of the revisions and additions that come with further development.

I think the producers, for the most part, don't want to see prices skyrocket because that will only create problems for them down the road and would also be a, you know, would be a very serious shock for a world economy that can't afford serious shocks right now.

The bulk of extra supplies that could be put into the market come from two places. One, they come from other Persian Gulf suppliers, of which Saudi Arabia is at the top of the list.

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