A diverse set of panelists addressed the challenges and opportunities presented by the growing importance of energy security as a central element of the U.S. foreign policy debate. The first panel featured speakers from the non-profit, private and financial sectors discussing the links between U.S. energy security and oil revenue transparency. All panelists focused on how a lack of transparency in energy transactions can contribute to both national instability in oil-rich nations and energy insecurity in oil-importing countries. Revenue transparency was seen by all as a critical first step in combating corruption. Panelists also noted the importance of conceiving of transparency in the broadest terms, to encompass budget transparency, contract transparency, reserves transparency, and transparency of concessions.