Oil and Gas:

Former Defense officials warn of tight world energy markets, potential oil price spike

Could a series of small oil supply disruptions send oil prices into the stratosphere? Former Defense Department and CIA officials say that might be the case, according to their predictions about tight world energy markets. What kind of events would cause oil prices to hit $100 per barrel? Does the energy bill address this problem at all? And how will a proposed Chinese takeover of Unocal affect the United States? Jason Grumet, executive director of the National Commission on Energy Policy, discusses how security experts are answering these questions.