In the midst of the 1973 Arab oil embargo, President Richard Nixon launched “Project Independence” to make the U.S. energy self-sufficient by 1980. Every president since has also promised to make the U.S. energy independent. Around the world, too, a desire for energy security motivates calls to reduce imports from sources perceived as unreliable or unstable, and to become more disconnected from the global market. Fortunately, these isolation efforts have failed. Over the last 40 years, the global energy system has become vastly more interconnected and interdependent, which has increased, not decreased, our energy security.
This report examines the prospects of supplying gas from the Eastern Mediterranean to Europe from a technical, geopolitical, and economic perspective.
Achieving the goal of net-zero greenhouse gas emissions by 2050 requires a substantial reduction in the share of high-emitting fossil fuels in primary energy consumption.
It has been over two months since the European Union (EU) ban on Russian crude oil entered into force, triggering friction in oil markets and petroleum supply chains.