On February 28, 2026, the United States and Israel launched coordinated strikes against Iran. Iran retaliated against military and civilian targets across the region, and the IRGC declared the Strait of Hormuz closed to all vessel traffic. By March 5, seven major marine insurers—collectively underwriting 90% of global ocean-going trade—cancelled coverage across the Persian Gulf, and tanker traffic collapsed to near zero. On March 12, Iran’s new Supreme Leader declared the strait would remain shut as a “tool of pressure,” and Brent crude surged past $100/bbl, up over 30% since the war began.
Approximately 18–20 MB/d of crude oil normally transit the strait, roughly 20% of global petroleum supply. With those flows blocked, policymakers are scrambling: the IEA’s 32 member countries unanimously approved a record 400 million barrel release from emergency stockpiles, with the U.S. contributing 172 million barrels from the SPR over a 120-day discharge window. Saudi Arabia is diverting crude westward through the 5 MB/d Yanbu pipeline to Red Sea terminals, already operating near maximum berth capacity. Other measures under discussion include Jones Act waivers, Navy convoy escorts, and government-backed insurance backstops. But the arithmetic is unforgiving: at a loss rate exceeding 15 MB/d, the 400 million barrel release provides roughly 26 days of cover, and Energy Secretary Wright confirmed on March 12 that the Navy is not yet ready to escort tankers. No combination of diversions and drawdowns can fully replace strait throughput; until insurance markets reopen and traffic resumes, the global energy system faces the largest supply disruption in history.
All of us at the Energy Policy Research Foundation mourns the loss of Professor Antonio Zichichi (15 October 2029 – 9 February 2026). He was one of Italy’s most distinguished physicists and a major figure in 20th century nuclear and subnuclear physics. We offer our condolences to Professor Zichichi’s family, friends, and the global scientific community who all benefitted from his unique contributions and accomplishments. EPRINC has had the privilege to present our research before the annual meeting of the Ettore Majorana in recent years.
An obituary from the Pontifical Academy of Sciences, where Zichichi held a membership since 2000, can be found here.
Also, a tribute from the San Grasso Science institute honoring Zichichi is here.
On Wednesday February 11, 2026, new Energy Policy Research Foundation Distinguished Fellow Diana Furchtgott-Roth testified during the House Committee on Space and Technology’s Research and Technology Subcommittee Hearing “Accelerating Progress: U.S. Surface Transportation Research.” Her testimony can be found here, and the full overview of the hearing with the other testimony is here.
She was joined by Hon. Greg Winfree, Agency Director of theTexas A&M Transportation Institute and Dr. Henry Liu, Professor of Civil and Environmental Engineering and Director of the Center for Connected and Automated Transportation for Mcity and the University of Michigan Transportation Research Institute (UMTRI)
Diana’s testimony covered suggestions for how to prioritize transportation research, including automating vehicles to reduce collisions, protecting GPS systems, and incentivizing the domestic production of transportation equipment and components like batteries to avoid espionage from the nation’s enemies. A video of the entire hearing is available on the Committee’s YouTube channel, here.
Diana can be reached at her Energy Policy Research email address, Dianafr@eprinc.org.
Energy Policy Research Foundation’s Distinguished Fellow Dominick Blue and Director of Research Max Pyziur have been published in The National Interest. Their piece entitled: “The End of Voluntary Energy Security: America’s New Doctrine of Active Sovereignty”, which discusses how “The events of January 2026 reveal that Washington is moving to a war footing. The US Department of Energy (DOE) is becoming an operational arm of national defense, wielding a new strategy of “Shield and Sword.” Further, “Washington is replacing voluntary energy security with active sovereignty—treating grids and resources as battlefields and energy firms as instruments of power.”
The Energy Policy Research Foundation is excited to announce the addition of Diana Furchtgott-Roth as a Distinguished Fellow. Diana, an Oxford-educated economist, served in President Trump’s first term as Deputy Assistant Secretary for Research and Technology at the U.S. Department of Transportation and Acting Assistant Secretary for Economic Policy at the U.S. Department of Treasury. Diana also served in the White House under President Reagan, President George H.W. Bush, and President George W. Bush. Diana is the author or coauthor of six books on economic policy and hundreds of articles. She is a frequent guest on TV and radio shows and writes regularly for the UK’s Daily Telegraph.
EPRINC Research Director Max Pyziur was quoted in Utility Dive regarding the recent congressional appropriations bill for the Department of Energy.
The bill provides $3.1 billion in funding to the Office of Energy Efficiency and Renewable Energy, significantly exceeding the White House’s requested $880 million, and includes funding for solar and wind programs that the administration had requested zero funding for. Pyziur noted that the reallocation of approximately $3.1 billion toward the Office of Nuclear Energy’s Advanced Reactor Deployment Program “makes sense, because it’s continued funding for safeguarding the U.S. nuclear fuel supply for the grid, continuing research in that particular realm.” He also observed that the funding helps support the national labs, calling it “very important work and very useful work.”
The article is available at Utility Dive.
EPRINC team members Max Pyziur, Matthew Sawoski, and Lucian Pugliaresi were cited in a recent JustTheNews article for their analysis of the Strategic Petroleum Reserve (SPR) and its role in contemporary energy security. The article examines various proposals to refill the SPR, which was depleted to its lowest level since the 1980s by the Biden-Harris administration.
Notably, the piece references EPRINC’s Op-Ed published in the National Interest on October 20, 2025, “The Strategic Petroleum Reserve: 50 + 2 Years Since the Key Inciting Incident,” which analyzes how the SPR’s original purpose has evolved given that the U.S. is now the world’s largest oil producer rather than heavily dependent on Middle Eastern imports.
The article can be read at Just The News, and EPRINC’s National Interest Op-Ed is available here.
EPRINC Research Director Max Pyziur was quoted in The Observer’s analysis of recent U.S. actions in Venezuela and their limited impact on global oil markets.
In the article, Pyziur assessed the investment climate for U.S. oil companies in Venezuela, stating: “The attractiveness of pursuing investment in Venezuela from a political-legal framework, as well as from a commercial framework, right now is far diminished, if it is there at all. It’s a bearish scenario.”
The piece examines the challenges facing any potential revitalization of Venezuela’s oil industry, including the deteriorated infrastructure, uncertain political framework, and current low oil prices that reduce incentives for major capital investment. Despite President Trump’s ambitions for U.S. oil companies to invest billions in rebuilding Venezuelan oil production, experts note it could take over a decade and $100 billion to restore production to previous levels.
The full article is available at The Observer.
The Energy Policy Research Foundation and the Institute for Energy Research cohosted a full-day, in-person workshop, Dominating Power: Charting the Next Decade of America’s Electricity Growth at the World Bank Headquarters in Washington, D.C.
This conference was part of EPRINC’s Power Vision 2030 Series. Its purpose was to inform the policymakers and industry stakeholders of the challenges and potential remedies to achieve both affordability and reliability for the U.S. power sector in light of surging demand from the AI economy and the manufacturing renaissance. As part of our ongoing mission, the Energy Policy Research Foundation remains committed to addressing critical policy choices facing all segments of the U.S. energy sector.
This event featured discussions on the central tasks necessary to meet U.S. growing power demand, major cost and reliability challenges, and realistic pathways to overcome them. U.S. Department of Energy Assistant Secretary Katie Jereza, pictured with EPRINC President Lucian Pugliaresi and IER President Tom Pyle, delivered keynote remarks. The panels centered around the following panels:
A writeup of the workshop can be found here. The slides used during the workshop are here.
The Energy Policy Research Foundation (EPRINC) is pleased to announce the appointment of two new Distinguished Fellows: Dominick Blue and Dr. Kang Wu . These accomplished professionals bring extensive expertise in global energy markets, infrastructure resilience, and emerging technologies to EPRINC’s research initiatives.
Dominick Blue brings a unique blend of technical expertise and leadership experience to EPRINC, where his research focuses on energy resilience, reliability, and the secure integration of emerging technologies into the power sector. His work examines critical intersections of AI and data center demand, grid modernization, nuclear sector revival, and gas-to-power infrastructure. Before joining EPRINC, Dominick held senior leadership roles in infrastructure, technology, and risk management, and served as a U.S. Marine Corps Chief Warrant Officer Two in CBRN Defense.
Dr. Kang Wu joins EPRINC with decades of experience in energy demand, supply, trade, and policy across the oil, gas, petrochemical, and power sectors. Based in Singapore, Dr. Wu has held senior positions at S&P Global Energy, the King Abdullah Petroleum Studies and Research Center (KAPSARC), and the East–West Center, among others. His research expertise spans global macroeconomic trends, market outlooks, and energy transition dynamics, with particular emphasis on the Asia-Pacific, Middle East, and global energy security.
We are absolutely thrilled to welcome Dr. Wu and Dominick to our team of Distinguished Fellows. Their complementary expertise—spanning global energy markets, emerging technologies, and infrastructure resilience—will significantly enhance EPRINC’s capacity to provide timely, rigorous analysis on the most pressing energy policy challenges facing decision-makers today. The addition of these Distinguished Fellows underscores the Energy Policy Research Foundation’s commitment to expanding its research portfolio and delivering actionable insights across the full spectrum of energy policy issues, from traditional markets to the energy transition and next-generation infrastructure needs.
Read more about the members of EPRINC’s team, or review their full bios below.
Dominick Blue, Distinguished Fellow
Dominick Blue is a Distinguished Fellow at the Energy Policy Research Foundation (EPRINC), where his research focuses on energy resilience, reliability, and the secure integration of emerging technologies into the power sector. His current work examines the intersection of advanced computing, infrastructure planning, and national energy security. Dominick’s research portfolio includes analysis of AI and data center electricity demand—forecasting regional load growth, reliability implications, siting dynamics, and market coordination. He also leads studies on grid modernization and energy security, assessing resilience investments, interconnection constraints, and federal–state coordination under higher load scenarios. His additional work explores the revival of the U.S. nuclear sector, financing and licensing pathways for advanced reactors, and rebuilding domestic manufacturing capacity to support the nuclear supply chain. Further research areas include gas-to-power infrastructure, pipeline and turbine capacity, and the role of gas in maintaining reliability within a diversified generation mix. Across these topics, Dominick focuses on translating complex technical findings into accessible policy insights for decision-makers at DOE, FERC, and state regulatory agencies. Before joining EPRINC, Dominick held senior leadership roles in infrastructure, technology, and risk management, including Managing Partner and Director of Client Innovation for private investment and global critical infrastructure firms, respectively. A former U.S. Marine Corps Chief Warrant Officer Two in CBRN Defense, he brings a mission-driven perspective to energy resilience and safety. He holds a Masters of Business from the University of Southern California and has completed graduate studies in Computer Science at Georgia Tech, with research interests in AI systems, resilient infrastructure, and energy transition security.
Dr. Kang Wu, Distinguished Fellow
Dr. Kang Wu has decades of research and consulting experience spanning energy demand, supply, trade, policy, energy transition, and energy security—particularly in the oil, gas, petrochemical, and power sectors. Based in Singapore, he currently collaborates with JLC Network Technology Co., Ltd., the National University of Singapore, and other organizations on cross-commodity and energy transition research, with a particular focus on global macroeconomic trends as well as oil and gas market outlooks. From 2018 to 2025, Dr. Wu worked at S&P Global Commodity Insights (renamed S&P Global Energy in November 2025), holding vice president and other senior roles with responsibility for global macroeconomics, oil demand, market risk assessment, and Asia-focused energy analytics. Before that, he served as Director of Markets & Industrial Development and Senior Research Fellow at the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Riyadh, where he led research on global oil, gas, and coal markets and industrial development, with a particular focus on the Middle East, South Asia, and North Africa. Earlier in his career, Dr. Wu was Vice Chairman for Asia at FGE, an international energy consultancy, and spent two decades as a Senior Fellow and Research Leader at the East–West Center in the US. In these roles, he conducted extensive research on economic development, oil and gas markets, energy security, power sectors, decarbonization, and other environmental issues across the Asia-Pacific, Middle East, Western Hemisphere, and other regions, all within a global context. Dr. Wu is a frequent speaker at international conferences, forums, workshops, seminars, webinars, and training programs. He is the author or co-author of numerous research papers, analytical reports, project studies, journal articles, books, book chapters, and other publications. He holds a Ph.D. in Economics from the University of Hawaiʻi at Mānoa.
On December 4, 2025, EPRINC Research Director Max Pyziur delivered address at the ICIS 19th Annual Pan American Base Oils and Lubricants Conference in Jersey City, NJ. Titled “U.S. Energy & Economic Policy – Geopolitical & Financial Stress Points – Select Views,” the presentation provided comprehensive analysis of critical energy policy issues facing the Second Trump Administration.
Pyziur’s presentation covered major energy initiatives including efforts to expand oil and gas leasing on federal lands, the potential repeal of the 2009 Endangerment Finding, and policies promoting U.S. energy dominance. The analysis examined the Trump administration’s sanctions policy toward Russia, the effectiveness of Ukrainian attacks on Russian refining infrastructure, and recent U.S. and EU sanctions impacting Russian crude oil markets. Pyziur highlighted how European energy imports have successfully displaced Russian supplies, with U.S. exports of crude oil, petroleum products, and LNG playing a critical role in European energy security.
The presentation also addressed indicators of macroeconomic risks, including analysis of gold prices, tanker traffic through strategic chokepoints, and potential headwinds in private credit markets. Pyziur concluded with observations on energy transitions, emphasizing that hydrocarbons remain essential for producing civilization’s key materials—steel, cement, fertilizer, and plastics—and provided an overview of U.S. hydrocarbon markets in the context of the North American petroleum renaissance.
The full presentation can be found here.
Residential electricity prices went up in most states between August 2024 and August 2025, but the size of the increase was very different across the country.
Energy Policy Research Foundation President Lucian Pugliaresi has been asked to speak at the Worshipful Company of Fuellers’ Duke of Edinburgh Future Energy Conference on December 2, 2025. This is the fourth conference in this series, and will cover a wide range of issues. From the Fuellers’ website:
“Chaired by the Master Fueller, the conference features a dynamic programme of keynote speeches and high-level panel discussions tackling the most pressing issues shaping the future of energy. Held under the Chatham House Rule, the forum welcomes senior leaders from across the energy, finance and technology sectors, both from the UK and internationally, alongside members of the Fuellers and other City of London Livery Companies. As with the Fuellers’ membership itself, the conference is open to anyone with a professional or personal interest in energy.”
More information about this event and the RSVP link can be found here.
Energy Policy Research Foundation Distinguished Fellow Francois Baird has been published in American Greatness, in a piece entitled “American Energy Diplomacy Can Spur Human Flourishing in Africa and Counter Beijing and Moscow”. This article can be found on the American Greatness website, here.
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