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

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

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.

People always underestimate the impact of technology. To give you an example: In the 1970s the frontier for offshore development was 200 meters, today it is 4,000 meters.

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.

But eventually it's a question of access: Getting access to fields is on top of the oil companies' agenda. We see a substantial build-up of supply occurring over the coming years.

In the mid-1980s, operating problems took [nuclear] plants off-line so often that, on an annual basis, they operated at only about 55 percent of their rated total generating capacity. Today, as a result of several decades of experience and an intense focus on performance ... nuclear plants in the United States operate at over 90 percent of capacity. That improvement in operating efficiently is so significant in its impact that it can almost be seen as a new source in electric power itself.