What Ukraine War Means for Texas Gas and Oil
Ukraine is under siege from Vladimir Putin and the soldiers of Russia in an apparent attempt to reconcile what used to be the Soviet Union. Ukraine has called for international help and has not received much support outside of sanctions imposed by other powers of the world onto Russia.
The Nord Stream 2 is a pipeline that runs underwater from Russia to Germany and would become a primary export source for Russia. Russia's primary export is oil, which has a massive impact on the energy supply for the rest of the world. The previous administration had established the building of the keystone pipeline to curtail this exact type of issue, but that pipeline project was given the boot by the Biden administration, leaving us in a precarious situation.
Texas Sized Production
Texas remains the largest producing state of crude oil in the United States by providing 43% of the nation's supply. The Lone Star State also produces 26% of the natural gas for the country, which is also why oil and petroleum products remain the primary export of the state. This may seem substantial from our perspective, but that doesn’t make a dent in the impact of the war in Ukraine.
Abbott weighs in
Gov. Abbott went on the Hannitty show last night and spoke about the current situation and how Texas could play a part in helping. He essentially went on to explain how the resources are available here in the United States, and Texas could be a key contributor to the relief on the demand for oil. He highlighted how the state was set up to become more self-reliant for energy prior to the new administration.
What can you do?
DONT PANIC!!! The worst thing we can do at the moment is freak out and start raiding all of the local gas stations for all of their fuel because we already have supply issues. You need to just prepare yourself for better long term results. Maybe give the car a tune up to ensure you're getting the best mileage or drive the V6 instead of the V8. Gas prices are going to go up regardless, so just be smart about your preparation and maybe get a couple oil stocks.