His initial chapters on environment/pollution and population growth/demand, and scarcity are important by themselves. Understanding the differences between a scarcity of resources and political limitations or economic bottlenecks on those resources is essential to being able to really forecast the strategic environment. Consequently, the time Manning spends belittling Paul Ehrlich and the Club of Rome is well spent. The country analyses are also very useful, and give one a sense not only of the economics of energy, but of the two way impact of energy and political relationships between countries. With our noble leaders beginning to evoke various fears about Asia, this is very important in understanding the nature and degree of "emerging threats."
Manning might be too bold in divorcing extending military interests with growing energy demands, but it is worth reading the book to develop an opinion on the subject.
I also recommend checking out the Energy Information Administrations's website, which Manning used heavily. It was of great use to me in a recent project: www.eia.doe.gov
Also useful is the cover piece of the January 2001 'Atlantic Monthly.' The piece, "The New Old Economy: Oil, Computers, and the Reinvention of the Earth," in helping advance perspectives of the oil industry. See: http://www.theatlantic.com/issues/2001/01/rauch.htm
First, he argues that energy interdependence is a potential positive force for Asian regional stability. While a number of analysts (from the serious scholar Kent Calder to the more shrill "Blue Team" types) have argued that China's entry onto the stage as a major oil importer will have serious negative consequences for regional stability, Manning argues that this is far from clear, and that it may actually have positive consequences. Other energy development issues looming in the future, such as the need for natural gas integration in Northeast Asia, can only be addressed by cooperation among regional governments and some degree of mutual interdependence.
Second, Manning points out in his preface how little contact and exchange there is between American analysts who focus on political and security issues, on the one hand, and those who focus on energy from an economic perspective. (As an example, he points out the differing views of the South China Sea between energy specialists and security policy analysts.) Energy issues involve tie-ins with a broad range of national security, economic, and environmental issues, and Manning argues that the policy community could benefit from more dialogue between these two separate sets of analysts. (I've long known this - since my own academic and professional background sort of straddles both groups.)
While the book does suffer a bit from poor editing in some spots, it is definitely a must-read for anyone interested in Asian security issues and/or the region's rapidly growing energy sector.
As The Asian Energy Factor aptly points out, energy security is the crux upon which the economic, social, energy, and military policies of Asian nations converge; it is among the most critical issues in the coming decade. Manning delves deep into these economic and strategic complexities and continues to challenge the prevailing wisdom about Asian power structure and energy competition.