This work analyzes political and economic dynamics of the Caspian basin. It examines the area's historical evolution and the diverse issues and players in what has become a modern variant of the "Great Game" of the 19th century. Following a historical overview of the region and its oil industries, the text analyzes the domestic politics and the foreign policies of the five states bordering the Caspian - Russia, Iran, Azerbaijan, Kazakhstan and Turkmenistan. It identifies all the external interests involved in the Caspian's political rivalries and control over its resources and territory, including the US, the European powers, various nationalist movements, Islamic militants, multinational corporations, NGOs and international financial institutions.