Energy security and pricing
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.
The Latest
EU gas usage falls 18% after price shock caused by Russian supply cuts
News Financial Times - Oil & Gas industry ·Record EU gas storage raises hopes of cutting Russian dependence
News Financial Times - Oil & Gas industry ·G7 Ministers Decide Natural Gas Investment Is Still Necessary
News OilPrice ·Germany in advanced talks with Oman for natural gas supplies
News Reuters ·Big Oil doubles profits in blockbuster 2022
News Reuters ·Ukraine war to accelerate shift to clean energy, BP says
News Natural Gas World ·House GOP passes bill to curb Biden's use of oil reserve
News Politico ·US Natural Gas Falls Below $3 for First Time Since May 2021
News Bloomberg ·U.S. grants license to Trinidad and Tobago to develop Venezuela offshore gas field
News Natural Gas World ·Natural Gas Shortages Hit China as Temperatures Plunge
News The New York Times ·Italy To Wean Itself Off Russian Gas Within Two Years
News Oil Price ·Is Europe’s Natural Gas Crisis Finally Over?
News Oil Price ·FAQs
Created by the Energy Policy and Conservation Act of 1975, the Strategic Petroleum Reserve is a storehouse of oil intended to protect the economy against the type of “oil shocks” spurred by the Arab boycott of oil exports to the United States in 1973. SPR is contained in hollowed-out salt domes along the coasts of Texas and Louisiana. Oil can be drawn from SPR at the direction of the president; several have done so in response to supply or price disruptions. The reserve typically has held between 600 million and 700 million barrels for most of the 21st century.
Resources
CNBC: How the Russian invasion of Ukraine has changed global oil flows
International Energy Agency, Gas Market Report, Q3-2022: Russia’s invasion of Ukraine redefines global natural gas markets
Energy Information Administration: Europe relies primarily on imports to meet its natural gas needs
Congressional Research Service: The Strategic Petroleum Reserve: Background, Authorities, and Considerations