The Foreign Service Journal, April 2003

A P R I L 2 0 0 3 / F O R E I G N S E R V I C E J O U R N A L 43 ver since the breakup of the Soviet Union, the Caspian Basin has been touted in many quarters as one of the world's biggest new energy sources. This was partly because the region had been off-limits to the West for so long that its potential was genuinely unknown. In addition, the Persian Gulf War had underscored the need to find dependable energy sources outside the Middle East. But in retrospect, it is clear that the Caspian oil rush was akin to a high-stakes game of cards, complete with a great deal of bluffing as each new republic exaggerated its own potential in the race to attract foreign investment. For exam- F O C U S O N C E N T R A L A S I A E C ASPIAN B ASIN O IL : J UST A P IPE D REAM ? W ASHINGTON HAS USED THE PROMISE OF HUGE C ASPIAN OIL RESERVES TO ATTRACT A MERICAN INVESTORS TO THE REGION . B UT WHAT IS THE REALITY ? B Y A LEC R ASIZADE Josh Dorman