US Vice President Dick Cheney will visit the Caucasus to try and promote US interests and counterbalance fears about Russia’s energy dominance in the area. This article charts the progress of a Trans-Caspian energy pipeline. “The real cause for concern is that we in the West have made a colossal strategic blunder over energy.” It is thought that Gazprom Neft will be contracted to work on developing Iran’s North Azagedan oil field. Prime Minister Vladimir Putin has secured an agreement to start building a new gas pipeline from Uzbekistan to Russia. The price of crude oil has dropped to its lowest level in five months. Russia says it won’t halt energy supplies to the EU.