India, China, and Obama's Oil Policy

Businessweek has an interesting article on Obama's new energy policy, which could result in closer US cooperation with India and China:

But that's only a small part of the story. The Obama Administration plans to create a cartel of oil-importing nations that will include India and China. This group will share technology, processes, and strategy with the stated goal of eliminating the group's dependence on foreign oil. The importance of this move cannot be overstated. India and China are keenly aware that their economies are increasingly becoming dependent on oil from volatile regions. We can expect this new group to move to aggressively share technology that will reduce the use of fossil fuels. That technology will be driven by innovation that is becoming more global with the rapid development of advanced battery technology, photovoltaic solar panels, wind turbine systems, and biofuels.
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And what will be the longer-term consequences of this energy revolution? As demand wanes and prices continue to remain low, significant economic and social stress will begin to be seen in the various oil dictatorships such as Iran, Saudi Arabia, and Venezuela. Ultimately this will lead to regime change and social upheaval in many of these countries. For the U.S., India, China, and the other oil-importing nations, the oil-producing regions will become far less relevant. Clearly there will be challenges along the way, but in the end oil will go quietly with nothing more than a whimper.