Yes, the region's potential is substantial but not at all comparable to the Gulf. At the same time, one might judge that the political risk encountered in the Caspian is at least the equal of that in the Gulf. Security of supply is no less assured. I think not. Some live up to their potential, some do not, for whatever the reason.
Nations are much the same way.
Having a recognized potential is not necessarily a guarantee of success. Perhaps the most disappointing are those who turn away from what might have been. But, it has. With our potential fully available for exploitation rather than locked away. When our our dependence on foreign oil to satisfy our thirst was just 35 percent, compared to the more than 50 percent today.