Europe and Ukraine hold a combined 5 tcf of underground gas storage. Mid-year replenishments peaked at 4.2 tcf in November 2023 and have not recovered since, with winter drawdowns reaching new lows in consecutive years. As of early June 2026, EU storage stands at roughly 37% of capacity, about 14 percentage points below the five-year norm. The EU has formally relaxed its mandatory winter fill target from 90% to 80%; hitting even that revised threshold by November 1 requires injection rates above what has been observed in recent weeks. Two developments compound the challenge: the Hormuz closure starting March 1 curtailed Qatari LNG flows through Q1, and the EU ban on Russian short-term pipeline gas contracts took effect June 17.
In the United States, production resilience has kept the picture more stable. Weekly withdrawals peaked at 300 bcf during February 2026, yet working gas recovered to 2,686 bcf by early June, 151 bcf above the five-year average and on track toward 4 tcf by fall.
On Friday, The Trump Administration cleared the way for oil drilling in the Arctic National Wildlife Refuge (ANWR), in line with the Administration’s policy of aggressive leasing of federal lands, codified in the One Big Beautiful Bill Act. Around the time of the budget reconciliation process, EPRINC prepared a report modeling how much revenue an increase in federal leasing could bring to the US government. At a static oil price forecast of $70/barrel, the estimated increase in revenue was $100 billion over 10 years, primarily coming from the Continental Lower 48 and Gulf of America.
Read the full report here, or check out EPRINC’s testimony on the matter.
On October 23, 2025, Research Director Max Pyziur presented EPRINC’s research on the reliance of Central European states on Russian petroleum products and implications for the war and post war rebuilding. Pyziur emphasized that despite large European initial reliance on Russian fuels, US maritime exports have played a critical role in displacing Russian products. A swift return of Russian refining capacity any time soon remains unlikely, and Russia is likely to remain with transportation fuel shortages due to wartime interruptions.
The presentation can be found here.
On September 25, 2025, Energy Policy Research Foundation’s President Lucian Pugliaresi provided the scene-setting speech at the Heritage Foundation’s workshop, “Unlocking Affordable Energy: The Plan to Solve America’s Energy Crisis.” “Power markets represent the challenge to the energy trilemma–they’re no longer affordable, reliable, and sustainable,” remarked Mr. Pugliaresi. “Fixing our electric power system is job No.1. I encourage you to join our Power Vision 2030 program.”
Link to the recording of the event can be found here.
His slide deck can be accessed here.
On September 4, 2025, Energy Policy Research Foundation Distinguished Fellow Michael Lynch was published in Forbes. His article, entitled “Shale Oil Pessimism Could Be Overdone“, included a quote from another Distinguished Fellow, Trisha Curtis, in her piece “US Shale Oil Dynamics in a Low Price Environment” published by the Oxford Institute of Energy Studies.
The Energy Policy Research Foundation has written on this topic before, and has released several pieces discussing how forecasting, particularly oil supply forecasting, is fraught with underestimates. A slide from a recent EPRINC presentation that covers this can be found here.
Energy Policy Research Asia Policy Research Analyst Dominic Pugliaresi has penned a “Letter from China (August 2025): China Revises Incentive Structure for LNG Receiving Terminals and Oil and Gas Pipeline Networks“. Dominic is based in Nanjing, China, and has spent time researching and analyzing China’s energy policies across a range of issues. This short document focuses on LNG and oil and gas pipelines in China, as well as the impacts of the U.S.-China Trade War tariffs on both countries.
Energy Policy Research Foundation Director of Research Max Pyziur wrote an op-ed for The National Interest entitled “How Mozambique LNG Enhances Global Energy Security and Supports the US Economy“. In the article published July 30, 2025, he begins: “An export powerhouse such as Japan has a phalanx of government-backed entities to support its own country’s trade and economy. So, why shouldn’t the United States do likewise?”
This article is available with no paywall at this link.
Batt Odgerel, Director of Energy Transition Research at Energy Policy Research, was interviewed for a Reuters article entitled Tesla’s easy money from regulatory credits set to dry up amid weakening sales. “They are making conventional ICE vehicles more competitive while making EVs less competitive,” said Odgerel, referring to the U.S. Congress, the Trump administration, and the U.S. federal government. Tesla risks losing revenue from the credits as well as market share, he added.
The Energy Policy Research Foundation has partnered with the Hellenic Association for Energy Economics (HAEE) for the 10th HAEE Energy Transition Symposium, which took place on the 3rd–5th of June 2025 at the Maroussi Plaza Centre in Athens.
The purpose of this symposium was to drive dialogue, research, and action in energy transition and sustainability. Speakers included influential thought leaders, government officials, and top executives from across the energy world leading the Plenary Sessions. A full list of the speakers as well as other information about the event can be found here.
A recording of the highlights is here.
On May 29th 2025 at the Energy Policy Research Foundation offices in Washington DC, a joint workshop was cohosted by the Energy Policy Research Foundation and the Institute for Energy Research on the North American Energy Production Platform.
Energy policy has taken center stage, and the United States is at a pivotal moment in shaping its energy future. Cross-border trade of oil, natural gas, and electricity has made North America one of the most dynamic energy markets in the world. As each country responds to market dynamics and geopolitical shifts, the role of energy imports and exports across the three countries has never been more critical to understand.
With panels moderated by IER President Tom Pyle and EPRINC President Lucian Pugliaresi, energy policy experts participated in an in-depth look at the evolving landscape of energy development across the continent. The event provided a forum for candid dialogue on shared opportunities and challenges in shaping sustainable, secure, and economically sound energy strategies for North America.
The discussion, focused on North American energy trade, covered specifically:
The agenda of the workshop can be found here, and the presentations given can be downloaded here and here.
On Tuesday, May 23 2025 (DC time), the Economic Research Institute for ASEAN and East Asia (ERIA), the Institute of Energy Economics, Japan (IEEJ) and Energy Policy Research cohosted a virtual discussion on the role of LNG and natural gas in Asia and how Asia views LNG potentials from the United States in and after 2025.
The presentations from the webinar can be found below, and the recording of the event can be viewed here.
Get the latest news and updates on energy economics and policy issues.
A series of short executive briefings providing essential background information on often challenging debates on energy and security policy.
A list of personal publications by EPRINC trustee Larry Goldstein
Energy Policy Research Foundation Distinguished Fellow Ashutosh Shastri’s perspectives on energy in Europe
Follow us on Twitter to get the latest updates from us in real-time.
