Caspian Sea Oil Politics
Prior to the collapse of the Soviet Union, the Caspian area was not a major factor in the global oil market. Since then, interest in the region has skyrocketed due to strong economic and political competition. United States officials have been estimating that the Caspian Sea may hold more oil than any other Middle Eastern area. These estimates have been largely falsified. The truth is that the Caspian Sea region does not hold nearly as much oil as originally predicted. The United States is imparting far too much interest in the area given the predicted benefits.
In 1998 Dick Cheney (current United States Vice President and then CEO of Halliburton) stated that he “cannot think of a time when we have had a region emerge as suddenly to become as strategically important as the Caspian” (Nourzhanov). This statement has been used by countless other analysts and politicians to describe the importance of the Caspian area.
In December 1995 the American Petroleum Institute......
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