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.