"China's energy is probably the single most important geopolitical challenge over the next several decades. I'm also on record saying that the entire 21st century will still be dominated by oil and gas," Michael Economides underscored.

Economides is the author of From Soviet to Putin and Back: The Dominance of Energy in Today's Russia (2008) and Energy: China's Choke Point (2009), and is also the editor-in-chief of Energy Tribune. The outspoken geopolitical expert recently discussed OPEC's effectiveness, Russia's gas monopoly, energy policy and China's energy paradigm in the OilandGasInvestor.com webinar "Industry Icons: Leslie Haines Talks Geopolitics With Expert Michael J. Economides," now available on demand.

On emerging energy powerhouses, Economides is point blank about one in particular: "China has gone berserk."

Heralding "a new age in the history of energy," according to IEA chief economist Fatih Birol, China recently trumped the U.S. to become the world's largest energy consumer (comprising coal, oil, gas and nuclear energy). Averaging roughly 19 million barrels of oil per day, the U.S. still retains the title as the largest global consumer of oil, against China's consumption of about 9.2 million barrels per day—however, with China's rapid growth spurts, it may very well surpass the U.S. in oil consumption.

China's state-owned oil firms are already answering the call, having initiated an unprecedented land-grab in their hunt for hydrocarbon prospects across both hemispheres. Recently closed deals in major sweets spots brimming with proved and potential pay have pushed China to the forefront in the global race for energy. Meanwhile, the U.S. can only sit on the sidelines and watch as China dominates the energy landscape.

"It's mystifying to the Chinese why we aren't challenging them in their energy quest," Economides said, noting that he has advised many key players on energy in the Far Eastern country. "The question I get asked a lot is 'why is the U.S. letting us do this?'"

A case in point is that in the first six months of 2010, the Chinese "shelled out" $100 billion to buy worldwide oil assets, he noted. With no clear energy policy, the U.S., on the other hand, faces a major geopolitical challenge: will it be able to secure the long-term energy resources needed to sustain itself?

In light of the current administration's focus, Economides is not so sure the U.S. is on the right path. "The problem with this administration is that it is ideologically hostage to its own rhetoric," he said. "We have an administration so tied up in alternative energy rhetoric that it cannot see straight to look at the geopolitical challenge posed by China."

To Economides, this topic should be given the most weight in the upcoming election season. "China's global energy quest…is far more important to the future of the U.S. than any of the political debates that we've witnessed," Economides contended. "There hasn't been a country in the history of humankind that has increased its oil consumption by 20% per year—and China did that three years in a row."

A consensus of numerous analysts consistently echoes Economides' argument that China's future energy demand will play a key role in higher oil prices. Conversely, tepid demand in the U.S. reflects that the fragility of its recovering economy is still in question.

"I am one of those people who believe the U.S. is much sicker than it is said to be. Had the U.S. economy really evolved, I would expect the oil price to have reached $100 (per barrel). What got the price to (near) $150 two years ago is still around…the same reasons. And so, we will have $100 oil once the U.S. economy has a real uptick," Economides said.

To listen to the full webinar which runs the gamut from the effects of the BP blowout on energy policy to Economides' contributions to the book The Energy Imperative, co-authored with Phil Rae and Leonard Kalfayan, click "Industry Icons: Leslie Haines Talks Geopolitics With Expert Michael J. Economides,", now available on demand.