These days Walter Lippmann's famous admonition, that a nation's commitments must be "related to its resources, and its resources adequate to its commitments," is most often deployed by conservatives in support of more defense spending. This provocative essay, however, sees "a pernicious tendency to deprecate our power and exaggerate our interests. The power most often deprecated resides in our air and naval forces . . . . " More intriguingly in light of recent events, the interests that are exaggerated are in the Persian Gulf; diminished American dependence on oil from that region should make possible a degree of disengagement, with large implications for force posture.