The following is an edited transcript of the thirty‐fifth in a series of Capitol Hill conferences convened by the Middle East Policy Council. The meeting was held on January 23, 2004, in the Dirksen Senate Office Building with Chas. W. Freeman, Jr., moderating.

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The following is an edited transcript of the eighteenth in a series of Capitol Hill conferences convened by the Middle East Policy Council. The meeting was held on March SO, 1999, in the Dirksen Senate Office Building.

Many strategic issues for oil markets are related to the future of Iraq, hostility between Washington and Teheran and the stability of regimes in the Arabian Gulf. Other issues are Islamic extremism, the Arab-Israeli peace process, regional border disputes and the management of the regional oil producer's economies.