Energy is required to power virtually all economic activity, with oil and gas integrated into the production, distribution, and consumption of almost every good and service. Our research examines how energy markets function and how policy can ensure stable, affordable supplies while supporting the transition to cleaner sources. When Russia's invasion of Ukraine threatened global energy prices, we developed innovative policy solutions using the Strategic Petroleum Reserve to stabilize markets without sacrificing domestic production capacity. By addressing the actual constraints to investment in domestic energy—primarily price volatility risk—our approach demonstrates how targeted interventions can simultaneously address price pressures, energy security, and employment in this crucial sector.
Expanding Energy Production

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Summary Since the passage of the Inflation Reduction Act, efforts to secure the supply of energy transition commodities have intensified considerably. The Biden Administration has announced prizes, research and development initiatives, and loans for recovery projects to improve the U.S. supply chain for critical minerals. Other advanced economies are
Introduction Oil markets have always been a geopolitical concern. Widening crack spreads (reflecting a tighter market) suggest that the emphasis today may be on the “geo,” rather than the “political”, as specific grades of oil—heavy or light, sweet or sour—are associated with specific geographies complicating the overall petroleum
Introduction The Biden Administration has successfully executed a forward contract acquisition for the Strategic Petroleum Reserve. We’re extremely pleased to see the Department of Energy (DOE) successfully utilize its new authority, and even more excited that it simultaneously announced another forward contract acquisition for September delivery. These repurchases leverage
"This year it will be difficult for us to take advantage of this low price…But we will continue to look for that low price into the future." - Secretary Jennifer Granholm on March 23, 2023 "We cannot sell and take in (crude oil) at the same
This is a continuation of our Contingent Supply series. The first piece described why storing spodumene would be a worthwhile endeavor for a lithium strategy. This piece describes the importance of selecting the right location for spodumene reserves.
In a continuation of our Contingent Supply series, we explore how a critical minerals club could undertake our SPR approach to boosting production of a highly volatile commodity, lithium.
The surprise announcement of OPEC cuts this weekend has caught market participants and the Biden administration off-guard. OPEC's "voluntary" cuts to crude oil production have pushed up crude oil prices across the futures curve. From our vantage point, these OPEC cuts are a potentially welcome development
Summary The benchmark West Texas Intermediate (WTI) spot price for crude oil has settled at or below the President’s committed $67-$72 refill range for nearly two weeks. Back in October of 2022, the White House finalized groundbreaking regulatory revisions to support the price and production of crude oil,
Introduction Although the full repercussions of the Silicon Valley Bank (SVB) collapse are not yet clear, considerable uncertainty is driving market volatility and an uncertain economic outlook. Should markets drop further, the SVB fallout could reverberate all the way into oil prices. Despite the Federal government’s support for depositors,