Central Asia and the Caucasus are of immense geopolitical importance for the US and Russia, but neither power has successfully established regional hegemony. After the collapse of the Soviet Union in 1991, the states of the Caspian region began to develop their oil and gas reserves, and as a result their importance on the international stage is increasing rapidly. Considering the impact of events such as 9/11 and the wars in Afghanistan and Iran, alongside issues including national security, energy policies and American ambitions to limit Russian influence, Christopher Bluth explains why the US has failed to establish authority in this globally significant region. Examining US policy from Clinton to Obama and drawing on interviews with leading figures in the US administration, this study presents the first systematic analysis of US policy towards the Caspian states.