The Russians often cite the surplus capacity in their system and the attractive deals they are prepared to make to attract volumes northward. In contrast, we have heard concerns repeatedly from investors about concentrating a high percentage of their exports in any one direction even were there not problems. And there are problems in the Russian system, things like the absence of quality banking, uncertainty about quotas, and a genuine bottlenecking problem. I suspect we will hear more when I finish about the possibility of exporting oil southward. Let me come back to that question in a moment.
Many commentators like to posit some great new game between the U.S. and Russia.
They are off-base. We see Russia as an important part of regional cooperation. The Presidents of the United States and Russia agreed two years ago that both countries should work together to maximize cooperation on Caspian energy projects between companies from their respective countries. The United States has tried to proceed in this cooperative spirit. With CPC, for instance, we have shown we are prepared to match our words with concrete action.