An entire population’s energy needs met by readily available resources. Perhaps some supplemented by friendly, stable countries, if necessary. Probably every nation aspires to energy security, defined by the International Energy Agency as “uninterrupted access to energy [and] securing energy supplies at an affordable price.”   

Barriers to Energy Security 

Energy plays a central role in international relations. As a result, achieving energy security is no small task. Beyond the limitations of their own resources, all countries are subject to geopolitical influences that can limit or halt access to energy resources—or render them unaffordable. 

Sanctions  

Individual countries and international bodies (such as the UN) may impose sanctions on a nation or a nonstate actor like a corporation, cartel, or terrorist group. The intent is typically to pressure them to change course by introducing financial uncertainty.  

The European Commission sanctioned Russian oil following the country’s invasion of Ukraine. Though justifiable, this created an energy gap for EU member countries that rely on Russian oil. Importing more oil from nations such as the U.S. and conserving and diversifying their energy resources allowed these countries to retain a level of energy security. 

Energy Cartels 

While supply and demand play a large role in oil prices, there are geopolitical influences as well. The Organization of the Petroleum Exporting Countries Plus (OPEC+), a bloc of primarily Middle Eastern, African, and Asian countries controlling about 40% of the world’s oil supply, has a large influence on pricing, production, and distribution.  

OPEC, as it was once known, wielded its power by imposing an oil embargo on the U.S. and other countries for supporting Israel during the 1973 Yom Kippur War. The resulting U.S. gas crisis saw quadrupled per-barrel oil prices, widespread shortages, and long lines at gas stations. The accompanying economic stress caused the U.S. to reconsider its heavy reliance on Middle Eastern oil. 

Cyberattacks 

Nations worldwide remain vulnerable to cyberattacks as cybercriminals constantly pivot to thwart existing security protocols through increasingly sophisticated methods. Energy infrastructure, including power companies and grids, have been targeted.  

A 2015 cyberattack on multiple power distribution companies in Ukraine, generally attributed to Russian hackers, left more than 200,000 residents without electricity during the cold of winter. The perpetrators were able to remotely control the power breakers. Though officials restored electricity within hours, the incident highlighted the ongoing threat of cybercrime to energy security. 

Green Energy Policies 

Nations are diversifying their energy sources, increasing energy security and independence and reaping environmental benefits. Renewable energy can supplement existing power sources and, in tandem with the creation of green spaces and other methods, reduce carbon emissions.  

Using a range of energy resources available domestically, such as solar, wind, hydropower, and waste, the U.S. and other nations can boost energy security by limiting dependence on energy imports and stimulating energy industry job growth. Texas, a national leader in both solar energy and wind energy, stands to benefit greatly.  

Multiple nations collaborate on green energy issues as signatories to the Paris Agreement. Some use diplomacy and political pressure during international events such as the G7 political and economic forum. Developed nations may offer incentives for developing countries to adopt green policies.   

Fear of Mass Destruction 

“Non-polluting, zero carbon, and … inexhaustible” is how one expert described nuclear fusion in a Council on Foreign Relations discussion. While it sounds promising, the world has seen at least one nuclear power plant disaster that left the area uninhabitable by humans decades later, and for many it’s still a fresh concern. 

An accident was just one of the many concerns countries shared when the International Atomic Energy Agency (IAEA) discovered that Iran was secretly building a facility that could produce materials for a nuclear weapon. Though Iran insisted the power was for peaceful purposes, the country was known as an anti-Western supporter of terrorist organizations. They eventually made a deal in 2015 with the U.S. and other world powers that limits its nuclear activities. The U.S. backed out of the deal in 2018, but the IAEA continues to watch over Iran’s program, which has completed one nuclear reactor and started construction on others. 

Empower Your Career With a Stronger Energy Business Resume  

The Permian Basin is an oil field bigger than most states! It’s also home to The University of Texas Permian Basin. Our unique relationship with the energy industry has enabled us to create energy- and business-oriented graduate programs with an insider’s perspective. 

Prepare to meet the challenges and rewards of the energy industry in one of these AACSB-accredited programs: 

Online MBA With Certificate in Energy Business 

  • Establish a solid, well-rounded base in all core business disciplines. 
  • Add “MBA” to your resume. 
  • Complete an energy business certificate and degree in the same time frame. 
  • Graduate in as little as four semesters. 
  • Boost your earning potential by 16%. 

Online MBA With International Business Concentration 

  • Equip yourself to navigate and lead in the dynamic world of global business. 
  • Add “MBA” to your resume. 
  • Take a dedicated Global Energy Business course. 
  • Finish with as few as 33 credit hours. 
  • Boost your earning potential by 16%. 

Online Master of Science in Energy Business 

  • Explore energy business with a focus on financial principles. 
  • Take part in an online program offered by few other U.S. universities. 
  • Graduate in as little as four semesters. 
  • Boost your earning potential by 16%. 

Online Graduate Certificate in Energy Business   

  • Gain marketable energy business knowledge and skills quickly. 
  • Finish this 12-credit program in as little as two semesters. 
  • Apply the credits you earn toward our MBA With Certificate in Energy Business later, if desired. 

Don’t Expend Unnecessary Resources on New Credentials 

Take an online UTPB program and you can skip the commute, tolls, parking fees, and related costs. You’ll save time and money as you complete your program from any location at any time that’s convenient while keeping your professional and personal commitments. 

Apply to the UTPB online energy business program of your choice! 

Sources: 
https://www.iea.org/topics/energy-security
https://www.brookings.edu/articles/the-geopolitics-of-energy-from-security-to-survival/
https://www.cnas.org/publications/reports/sanctions-by-the-numbers-the-russian-energy-sector
https://www.un.org/en/climatechange/raising-ambition/renewable-energy
https://isis-online.org/isis-reports/detail/darkhovin-nuclear-power-reactor-another-blemish-on-irans-safeguards-complia/8