Texas has been a major producer of oil and natural gas for over a century, and more recently has become a center for wind and solar power. Meeting future global needs will require all of these sources of energy, and the state will play an essential role.
The recent invasion of Ukraine by Russia is generating questions regarding how important Russia is to the Texas economy, particularly as policies restricting trade and investment interactions are implemented or contemplated. While no area can escape the near-term disruptive effects related to the supply chain and inflation, the specific effects on business activity within the state are relatively minor. The Perryman Group recently analyzed patterns in Texas-Russia trade and investment to assess the extent of the linkages and related economic effects.
Dr. Perryman speaks on the impact of allowing for this export on the US and global economies as well as geopolitical stability.
The United States now exports more liquefied natural gas (LNG) than any other country. It's a relatively new development, with Australia and Qatar usually topping the rankings in the past. The volume of US exports has surged over the past few years, with major new facilities coming online and strong global demand. While Australia and Qatar volumes have been fairly stable since 2018, US exports have basically quadrupled.