High Oil Prices Shifting Global Wealth and Power

Hosted by

A decade ago, oil prices hovered near $20 a barrel and national security experts talked about missiles not pipelines. But the war in Iraq, instability in the Middle East and soaring energy demand have made oil an unsettling global issue. Today, as the US finds itself competing with China to lock up new oil supplies, oil prices hover near $100 a barrel, hurting US consumers but sending hundreds of billions of dollars to Venezuela and Iran, which have become major irritants to Washington.  How is this flood of petro-dollars affecting American security? How is the US economy coping? Can the US ever cut its oil dependence? How have surging oil prices rearranged global politics?