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.

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

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.

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.

It's extraordinary how inventive one can be with ethanol right now.

In a couple of years, the Chinese will be seen as regular participants in international industry. Their companies have to report to shareholders as well as to the Chinese authorities. They need to make money, they have to be efficient.