US oil and gas pivotal yet complex; Russia-Ukraine conflict impacts global energy landscape
• Crude oil and natural gas are fossil fuels with a common hydrocarbon composition that have been pivotal energy resources in the US since the 1800s. The US now produces 90% of its natural gas and 75% of the crude oil it needs domestically.
• According to industry expert Jeremy Paul, commodities and energy are fueling conflicts and shaping foreign policy. The Russia-Ukraine conflict has impacted global oil prices and the conversation around energy security and affordability.
• Developed countries have an advantage securing gas supplies, while poorer countries struggle, further complicating the energy landscape according to analyst Rachel Ziemba.
• With oil and gas market experience across multiple states, Paul believes a sudden pivot to renewables is unrealistic. Without continued exploration, oil prices will likely increase as proven reserves are tapped.
• The future oil and gas market remains complex due to political, economic, and technological factors. Prices and opportunities are challenging to predict despite continued market growth.