The pattern of energy supply and demand that has prevailed over the last 3 decades is undergoing transformation, with great consequences for Asia’s energy security and regional cooperation. The two factors driving this transformation are the rise of the Association of Southeast Asian Nations (ASEAN), the People’s Republic of China (PRC), and India as major energy consumers, and the impressive additions to oil, gas, and coal output. The first is driven by growing populations, industrial growth, and economic ascendance of emerging economies. The second stems from the opening up of new geological formations for the production of conventional fuels at reasonable costs.