Global Energy Institute report highlights improved U.S. energy security, impact of shale energy

The Global Energy Institute of the U.S. Chamber of Commerce recently released the 10th anniversary edition of the Index of U.S. Energy Security Risk, which notes the role of shale and other energy resources in ensuring energy security for the United States.

The report uses 37 energy security metrics that measure geopolitical, economic, reliability, and environmental risks and covers the period of 1970 to 2040. For 2018, the most recent year for which data is available, the risk score was 75.8, the second-best score behind 1992’s score of 75.

“Our Index has documented the incredible story of how the shale energy revolution has ensured America’s energy security,” Marty Durbin, president of the U.S. Chamber’s Global Energy Institute, said. “Our nation’s diverse energy sources, including coal, renewables and nuclear, add to that energy security and make the U.S. the largest energy producer in the world. This benefits our economy, our global security, and the environment, as America’s energy production is held to the world’s highest environmental standards.”

Most major metrics changed little in this year’s report, but crude oil price volatility, security of petroleum imports, and oil and natural gas import expenditures saw significant improvements.

This year’s Index placed more of a focus on critical earth elements, which are used in technologies such as photovoltaic cells and electric vehicles and have recently seen an increase in demand. The report’s authors noted that since reserves of these elements are concentrated geographically, access could be placed at risk in the future.

The Global Energy Institute also noted that, while it did not specifically include them in its ratings this year, it is now tracking metrics related to cobalt, lithium, graphite and rare earth metals. It is considering updates to account for the impact of these materials in future reports.

The institute expects to see improvements in efficiency-related metrics and carbon-dioxide emissions in the years ahead. Carbon dioxide emissions increased in 2018, but increased investment in clean energy technologies is expected to lead to decreases of as much as 40 percent by 2040.