The European Union's Energy Security Challenges
Abstract
Recent increases in energy prices and a steady escalation in global energy demand expected to rise by nearly 60% over the next 20 years have led U.S. policy-makers to engage in a wide ranging debate over how best to address the country's future energy requirements. Similarly, energy security has become a policy priority for the European Union (EU) and its 27 member states. Together, the United States and Europe represent the world's largest energy market. Although they produce approximately 23% of the world s energy, they consume almost 40% of the world s supply. The member states of the EU account for approximately 18% of global oil consumption and consume 19% of gas produced. Today, the EU imports about 50% of its energy needs. Barring significant changes, the European Commission (Commission) expects this figure to rise to 65% by 2030. Approximately half of the EU s imported energy in the form of oil and natural gas comes from Russia. Europe s growing dependence on Russian energy has fueled speculation that Moscow will use the energy weapon to try to influence future foreign or economic policy in Europe.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jan 26, 2007
- Accession Number
- ADA473788
Entities
People
- Paul Belkin
- Vince L. Morelli
Organizations
- Library of Congress