Louisiana Energy Industry Helps Shield U.S. From Global Oil Crisis, Briggs Says

Louisiana energy expert Gifford Briggs says the current global oil crisis looks very different from the energy shocks of the 1970s. Despite major disruptions in the Middle East and the closure of the Strait of Hormuz, Americans have avoided widespread fuel shortages thanks to record U.S. oil and natural gas production. Briggs credits advances in horizontal drilling and hydraulic fracturing for helping the United States become a major energy producer. He also highlights Louisiana's role as a global LNG leader, noting that natural gas prices in Europe remain far higher than in the U.S. While energy markets still face uncertainty, Briggs says domestic production has created a buffer that helps protect consumers from the worst impacts of global supply disruptions.