This grant provides three years of continued support to the Council on Foreign Relations (CFR) for its Project on Energy and National Security, a research initiative that focuses on increasing our understanding of issues at the intersection of energy, economics, and international security. Led by CFR’s Michael Levi, the project will examine a diverse array of issues, including how national oil companies make investment and production decisions, how infrastructure constraints cause divergence in regional oil prices, the economic and security implications of a significant drop in global oil prices, the consequences of the shifting trade in liquid fuels, and evaluating the effectiveness and consequences of international sanctions against petro-states. Additional grant funds support an annual workshop to discuss ongoing projects and findings, and outreach activities to engage policymakers, regulators, thought-leaders, industry, and the public.