The Impact of Oil and Gas on Energy Security
Introduction
Oil and gas play a crucial role in ensuring energy security, providing reliable and accessible energy for billions worldwide.
Strategic Reserves
Countries maintain strategic petroleum reserves to buffer against supply disruptions caused by geopolitical events or natural disasters. These reserves provide stability and prevent market shocks.
Diversification of Supply Chains
To mitigate risks, nations and companies are diversifying supply chains by sourcing oil and gas from multiple regions. Advances in liquefied natural gas (LNG) technology have made it easier to transport energy across long distances.
Transition to Renewables
While oil and gas remain dominant, integrating renewable energy sources can enhance energy security. Hybrid systems that combine fossil fuels with renewables provide reliability while reducing emissions.
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