41. The United States, Europe, and Russia: Toward a Global Energy Security Policy
- Author:
- David L. Goldwyn
- Publication Date:
- 08-2002
- Content Type:
- Policy Brief
- Institution:
- EastWest Institute
- Abstract:
- Together, the United States, Europe, and Russia can help to diversify the global energy supply by creating a Global Strategic Petroleum Reserve (GSPR) filled largely with oil from Russia and other states in the Caspian Basin. Such a move would mitigate U.S. and European dependence on Middle East oil and help to stabilize world oil prices. Other important beneficiaries of a GSPR would be the Asia-Pacific economies outside the OECD that currently lack strategic reserves. A GSPR offering access to China and other Asian economies would help anchor these states in an important, positive-sum arrangement that highlights shared energy security interests with Russia and the West. If managed responsibly, creating the GSPR will not antagonize OPEC countries, which themselves benefit from stable energy markets. Moreover, developing the GSPR will encourage the reform and modernization of Russian and other transition countries' energy economies and give real substance to collaboration on energy issues between Russia, the EU, and the U.S. If coupled with close collaboration on Caspian energy development, the creation of a GSPR would make U.S. and EU energy ties with Russia and its neighbors sources of substantial, long-term strength.
- Topic:
- Security and Energy Policy
- Political Geography:
- Russia, United States, Europe, Middle East, and Asia