Back to OurEnergyLibrary search




US Needs to Play Larger Role as Swing Producer of Oil and Gas in the Current Crisis

US Needs to Play Larger Role as Swing Producer of Oil and Gas in the Current Crisis

Full Title: US Needs to Play Larger Role as Swing Producer of Oil and Gas in the Current Crisis
Author(s): Thomas Duesterberg
Publisher(s): Hudson Institute
Publication Date: November 11, 2022
Full Text: Download Resource
Description (excerpt):

In response to Russian aggression in Ukraine, European nations have drastically reduced imports of crude oil, refined petroleum products, and natural gas from Russia. In addition to extreme difficulties in obtaining new sources of natural gas and to a lesser extent oil, the price increases throughout Europe since the onset of the war have been of historic proportions. In the days following the invasion, natural gas prices shot up by 62 percent, and UK energy prices were up by 150 percent. The full impact of the war, along with the related need to rein in the highest inflation numbers in over 40 years, has pushed Europe into a recession that threatens households and small businesses as well as European manufacturers’ ability to remain competitive. As a result, if the region cannot quickly assemble alternative supplies, the European commitment to assist in containing Russian aggression may weaken.

The United States has the capacity to serve as a short- to medium-term swing producer to fill much of the reduced supply of both oil and gas. But the US has not yet exhibited the political will to ramp up production of these commodities at the scale needed in the current crisis. This paper explores why the US should redouble efforts to compensate for the loss of crucial energy supplies that Europeans (and other allies who oppose Russian aggression) will suffer. If the US were to take advantage of its massive reserves of oil and gas, this policy would also be a more environmentally benign solution for the shortages than tapping reserves in the Middle East or Venezuela.

All statements and/or propositions in discussion prompts are meant exclusively to stimulate discussion and do not represent the views of OurEnergyPolicy.org, its Partners, Topic Directors or Experts, nor of any individual or organization. Comments by and opinions of Expert participants are their own.

Sign up for our Press Release Distribution List

    Your Name (required)

    Your Email (required)

    Please sign me up to receive press releases from OurEnergyPolicy.org.