RICE UNIVERSITY Sustaining Energy and Mobility in the 21 st Century: Challenges and Opportunities for the U.S. Amy Myers Jaffe Wallace S. Wilson Fellow for Energy Studies, James A. Baker III Institute for Public Policy Rice University Richard Lugar/Purdue University Summit on Energy Security August 29, 2006
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1 R ICE U NIVERSITY Sustaining Energy and Mobility in the 21 st Century: Challenges and Opportunities for the U.S. Amy Myers Jaffe Wallace S. Wilson Fellow.
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1
RICE
UNIVERSITY Sustaining Energy and Mobility in the 21st
Century: Challenges and Opportunities for the U.S.
Amy Myers Jaffe Wallace S. Wilson Fellow for Energy Studies,James A. Baker III Institute for Public Policy
Rice University
Richard Lugar/Purdue UniversitySummit on Energy Security
August 29, 2006
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RICE
UNIVERSITYGeopolitics, not Geology, is driving the energy future
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RICE
UNIVERSITY
International Backdrop for Oil
Terrorist attacks on Crude Processing Facilities in Iraq, Saudi Arabia
U.S.-Iran—Risks to Strait of Hormuz Saudi Arabia –Political Uncertainties Middle East –Period of Great Political
Transition Future of U.S. role in Iraq? Arab-Israeli Conflict Russia – Putin and the Statists Latin America: Populism and Hugo
Chavez Africa: Localized unrest in Nigeria China: Demand Wildcard
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RICE
UNIVERSITY
Current State: High Crude Prices
Crude prices have more than doubled since late 1999 WTI largely traded in the $20 range throughout the 1990s WTI’s price has since risen to more than $70 per barrel