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

Read the Latest
Read the Latest
With the generational investments of the IIJA, the chips for America act, and the IRA, "Decarbonization commodities" will be scarce relative to demand, and dominated by only a few nations, including China.
Today, the Department of Energy (DOE) announced that it will conduct a “pilot” acquisition of three million barrels of crude oil using the SPR’s new authority to engage in fixed-price contracts. It’s a good start to make sure that the DOE is ready to fulfill the President’s
Energy price volatility, which may be with us for quite some time as we pursue decarbonization, is one of our nation’s greatest macroeconomic threats.
Since the White House’s historic commitment on October 18th to repurchase crude oil “when the price of West Texas Intermediate (WTI) crude oil is at or below about $67 to $72 per barrel”, oil prices have never traded lower than they have today (November 21st). Oil prices were within
This is the fourth piece in the Contingent Supply series, which looks at the operational requirements, financial needs, and economic opportunities involved in using the SPR to stabilize oil markets.
As the Biden Administration considers actions to lower oil prices (particularly in wake of the recent OPEC+ production cut), it can and should make every effort to boost domestic oil production.
This is the second piece in our Contingent Supply series, which looks at the operational requirements, financial needs, and economic opportunities involved in using the SPR to stabilize oil markets.
Recent developments in oil markets show how important it is to follow through on the second half of the SPR strategy.
The administration’s recently proposed regulation for flexibly refilling the SPR is a welcome policy change with serious potential to deliver price and supply stabilization benefits.