Before anyone can begin making these fortunes from Caspian oil, however, a decision must be made about where to lay the main export pipeline.

The industry's favored export route for Caspian oil is through Iran.

This grand rivalry has begun with an intense competition for control over pipeline routes that will carry Caspian oil to foreign markets.

Not to mention the head honcho in the Caspian oil.

There are ways to move Caspian oil out of the Black Sea without bringing it through the Bosporus.

They ignore several facts: First, there is nothing new about Russian control of Caspian oil.

But there were increasing tensions between the United States and Azerbaijan over Caspian oil.

"The Russians may indeed have designs on the Caspian oil," Hood agreed.

John Roberts: Caspian oil and gas: How far have we come and where are we going?

Accordingly, our economic policies, including with respect to the export pipelines for Caspian oil and gas, remain unchanged.