The Oil Drum

An article from the Business Standard, an Indian newspaper, makes some relevant observations. First, the reporter recognizes that oil security is about supply, not about prices:

Getting prices right is always desirable. But oil security is better looked at as an issue about quantity uncertainties rather than price uncertainties, about availability rather than the cost of oil. One could measure it in terms of four factors--the role of oil in the domestic energy mix, the dependence on imports, the diversity of foreign supply sources, and the alternatives available if there is supply disruption.