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.

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

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.

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

So the major obstacle to the development of new supplies is not geology but what happens above ground: international affairs, politics, investment and technology.

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