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On January 26, 2006, Securing America's Future Energy (SAFE) and the World Economic Forum conducted a revised and updated oil crisis simulation at the Forum's Annual Meeting in Davos, Switzerland. Senior government decision makers and business leaders participated in the exercise – Oil ShockWave at Davos – as part of a closed-door session of the Forum's Industry Partners program.
In Oil ShockWave at Davos, energy markets are destabilized by simultaneous terrorist attacks on key chokepoints in the global energy supply chain. As a result, oil prices rise to unprecedented levels, with experts projecting that prices will remain at historically high levels for the medium term. In response, G8 leaders establish a "CEO Advisory Board" tasked with recommending emergency measures and addressing strategic challenges.
Richard Haass, President of the Council on Foreign Relations and former Director of Policy Planning at the U.S. State Department, chaired this discussion playing the role of U.S. Secretary of State – whom the G8 appointed as their representative on the CEO Advisory Board. Other participants included CEOs of major energy producing and consuming corporations and senior government officials. The simulation was introduced by Daniel Yergin, Pulitzer Prize recipient and Chairman of Cambridge Energy Research Associates.
Visit the SAFE Newsroom to see what the Wall Street Journal had to say about Oil ShockWave at Davos and click here to read a brief economic analysis of the effects of high oil prices on the global economy.
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"America's dependence on oil makes vulnerable the country's economic and military security and our nation must finally address this fundamental risk. As co-Chair of the Energy Security Leadership Council, I am completely committed to actively working with this diverse group of fellow business leaders to make the case for an aggressive, comprehensive policy to improve energy security."
Frederick W. Smith, Chairman, President and CEO, FedEx Corp. (co-Chair)
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