Abstract
Asia has become a principal driver in world energy markets, largely due to China’s remarkable growth in demand. As the gap between consumption and production levels in Asia expands, the region’s economic powers appear to be increasingly anxious about their energy security, concerned that tight supplies and consequent high prices may constrain economic growth. Rising energy competition in East Asia promises to impact U.S. policy in many ways, from contributing to price spikes because of China’s rapidly increasing demand to altering the geostrategic landscape in the years to come as regional powers struggle to secure access to energy supplies. This report analyzes the short-term and long-term impact on U.S. interests of alternatives being pursued by China, Japan, and South Korea to bolster their energy security. It also examines decisions being made by Asian states now that will significantly shape global affairs in the future, how these decisions might play out, and how Congress and the executive branch might play a role in those decisions.
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