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At the time, this was approximately two thirds of the world’s known reserves (Karasac). The Caspian region was coined as the new Persian Gulf. Numbers like this are certain to spark international interest in the matter. The United States immediately rushed in to prevent other global powers from forming alliances that would challenge the US in obtaining substantial amounts of oil.
These efforts were immensely unwarranted. The latest information provided by the Oil & Gas Journal lists the proven oil reserves in the Caspian region at 17 billion barrels. This number is astoundingly less than the amount originally estimated throughout the 1990s...
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