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Mr. Speckhard analyzed oil (and gas) politics in the Caspian Sea region and US policy relating to it, highlighted the most interesting and pressing problems and discussed the US role in promoting solutions. He began with a discussion of Russia, which faces the basic problem that the richest deposits of oil are not located off its shores. Mr. Speckhard noted that the Russian government has thus pursued a two-track policy: first, pushing to have the Caspian Sea recognized as indivisible common property, and second, using its near monopoly on key transport infrastructure to pressure other regional governments into giving Russia a "cut" in the development of these resources. Meanwhile, Russian companies (especially LUKoil) have been actively pursuing shares in the development of this oil and gas, actions which sometimes appear to be at odds with official Russian foreign policy. Speckhard then discussed the role of Turkey, which wants to be a main transport route for this oil, but also wants to curtail the amount of oil shipped through its Bosporus straits. As a result, Turkey has pushed for the construction of an oil pipeline that would run from Baku, on the Caspian shore, through the currently unstable Caucasus region (probably Georgia, but possibly Armenia) and eventually to a pipeline which would bring the oil across Turkish terrain to its port on the Mediterranean Sea, Ceyhan. This plan, which is backed by Azerbaijan and Georgia, has created tension with the Russians who want the oil piped through Russia. Speckhard also described US policy, arguing that it is driven by four major interests: reinforcing the independence of the former Soviet states of the region, diversifying world oil supplies, promoting US commercial interests, and containing Iran. Among other things, he stated that this policy has led the US to support the construction of multiple pipelines (one through Russia, another through the Caucasus, and possibly even one through Afghanistan), and described how the US has effectively blocked Iran from participating in oil deals, although this policy has driven Iran into a weak alliance with Russia on some key regional issues. The US, he noted, has also promoted the idea that everybody wins in these economic projects, and that cooperation is a "win" for all parties concerned. Importantly, the US has endeavored to prevent political wrangling from delaying the development of the Caspian Sea oil. Speckhard then argued that events seem to be developing strongly along the lines which the US government prefers, although this did not appear to be the case just a year ago. He concluded by drawing attention to developments that one can follow in order to evaluate the future success of US policy.