Do you know what the rate of energy risk is in the United States? Do you know any local ERPs (Energy Risk Professionals)? Are you aware that there are such things? Another very important question, why should you care? No fear, we are here to elaborate, to inform, and to debunk any incorrect notions about the energy industry in the U.S. By the end of this article you will be the local expert of any conversation, spreading the word on how we measure up globally, what our annual risk level was assessed at in 2018, and what the future holds for our various industries.
Energy risk is defined and based on a particular country’s dependence on foreign supply in energy. For example, Russia is one of the main suppliers of natural gas to most of Eastern Europe. Since 2006 alone, Russia has turned off gas access to the customers over the border three separate times. As a power play, this creates terrible consequences for innocent civilians caught in the middle of government strategies. We take for granted that when we turn on our heat, the gas needed will have no interruption. If we as a country can become independent of foreign resources, this will always be the case. If we can’t, we could fall prey to demands of other countries leaders, forcing us to make decisions detrimental to our country but necessary for resources.
Where do we stand? As recently as February, The United States was assessed with a security risk score of ZERO for natural gas. From various sources within our country, we have been able to produce enough natural gas to supply citizens and export across borders around the world. This is the lowest score (remember, the lower the score the better) since 2011. We are slowly making our way in the correct direction, not only increasing our production of natural gas, but also increasing the use of alternative energy sources which have also continued to rise in popularity year after year.
As of 2019, The U.S. is on the right track to keep our natural gas resources free from potential interference. This is a positive upswing in energy production. For more questions and to stay informed on how we stack up globally visit The International Energy Agency.