Global Energy Supplies

For today’s article, I will be discussing the global energy supplies, particularly natural gas, and the gas market for North America and Europe, particularly regarding the current energy environment in 2023 and early 2024 and the effects the Ukraine war has had on oil prices.

The United States of America is one of the world’s largest natural gas producers and is a net exporter.

Thanks to the shale revolution in the 2000s, the USA is energy-independent and no longer reliant on oil sources outside the American continent.

What that meant for the United States is that it know has access to cheap and affordable gas.

In 2023, customers at U.S. gas stations were charged on average 3.52 U.S. dollars per gallon, down almost 10.89 per cent from 3.95 U.S. dollars in 2022.

Gas prices in the United States did increase in 2022 due to two factors.

The first factor was the Russian Federation’s invasion of Ukraine in February 2022, and the impact of nations that are dependent on Russian natural gas looking for new suppliers led to the rise in oil prices.

For the USA, the national average cost of gas will be $4.67 in 2022. The average cost of gas has increased 96% from 2021, when it was $2.16. The highest recorded average price of regular gas was $4.33 in March of 2022.

The Ukraine war meant that the US had to increase domestic gas production and production that also met the needs of other nations outside the…