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.

In a world of increasing interdependence, energy security will depend much on how countries manage their relations with one another. That is why energy security will be one of the main challenges of foreign policy in the years ahead. Oil and gas have always been political commodities.

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.

We experienced similiar fears in the 1880s, at the end of World War I and II. And we ran out in the 1970s.

An important United Nations environmental conference went past 6:00 in the evening when the interpreters' contracted working conditions said they could leave. They left, abandoning the delegates unable to talk to each other in their native languages. The French head of the committee, who had insisted on speaking only in French throughout the week suddenly demonstrated the ability to speak excellent English with English-speaking delegates.

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

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.