The "unprecedented" volume of liquefied natural gas expected to hit global markets in the coming years will help strengthen supply security, lower prices and tilt market power toward importers, according to the International Energy Agency's Gas 2025 report. The IEA's base case scenario predicts LNG supply will increase by a net 8.82 trillion cubic feet per year by 2030, driven primarily by the US and Qatar, while gas demand is seen climbing by 13.41 Tcf over the same period. "Global cooperation remains essential to ensure supply security -- especially with rising electricity consumption set to drive gas demand higher in many regions," said IEA Director of Energy Markets and Security Keisuke Sadamori.

Slowing drilling activity in North America is pushing leading oilfield services companies to diversify into the booming AI infrastructure and power generation sectors. Halliburton has teamed up with VoltaGrid to supply large-scale power solutions for AI data centers; SLB has launched a fast-growing Digital Division focused on cloud, automation and data-center systems; and Baker Hughes has seen its Industrial & Energy Technology order backlog climb to a record $32 billion. "These are clear avenues for growth, given the need for power, especially distributed power generation," said Melius Research analyst James West.

US oil executives expect crude prices to bottom out in 2026 as new production from the Permian Basin floods the market and supply temporarily outpaces demand. Chevron, Diamondback Energy and other producers say they are cutting costs and improving efficiency to stay profitable while the market adjusts before a likely rebound.

The oil and natural gas industry must rekindle its wildcatter spirit and invest more in exploration to sustain long-term growth, VTX Energy Partners CEO Gene Shepherd said at the recent DUG Permian Conference. He emphasized that replenishing inventory will require greater access to risk capital, technological innovation and stronger oil prices. Shepherd suggested that future inventory opportunities would arise from both established and emerging plays, including the Barnett/Woodford benches, Powder River Basin, Alaska, the Gulf of America and international shale plays.

Kinder Morgan and Phillips 66's plan to build a 1,300-mile, 200,000-barrel-per-day gasoline pipeline from Texas through Arizona to California is drawing scrutiny from environmental groups and local communities. Supporters say the Western Gateway project would bolster Arizona's energy reliability as demand rises, but environmental advocates warn it locks the state into decades of oil dependence. Past safety issues involving Kinder Morgan's pipelines have intensified calls for stronger oversight before construction begins.

Lawmakers from both parties are resisting the Trump administration's proposal to allow new offshore drilling along the Atlantic and Pacific coasts, with coastal Republicans from tourism-heavy states such as Florida to South Carolina joining Democrats in rejecting the plan and vowing legal challenges. A few GOP lawmakers, including Sen. Thom Tillis of North Carolina, expressed conditional support if paired with offshore wind. The bipartisan backlash mirrors the widespread outcry that prompted President Donald Trump to withdraw a similar proposal in 2020.

California Gov. Gavin Newsom vetoed Assembly Bill 527, which would have facilitated geothermal development by providing categorical exemptions to state Environmental Quality Act reviews. Some industry experts found the decision puzzling considering the state has massive untapped geothermal potential, but others suspect potential environmental concerns may have played a role in the outcome. Either way, the veto may slow geothermal development in the Western US because California is seen as a key entry point for bringing the technology to scale.

As electricity prices surge and power-hungry AI data centers expand, Democratic lawmakers are pivoting to an "all of the above" energy strategy and signaling greater openness to natural gas development to address affordability and reliability concerns ahead of the 2026 midterms, though internal divisions remain. Former White House adviser Paul Bledsoe said supporting key gas infrastructure alongside renewables could give Democrats "a powerful weapon" against Republicans.

The Trump administration has announced trade agreements with Malaysia and Cambodia, as well as frameworks for future deals with Thailand and Vietnam, aiming to reduce trade barriers for US goods. Malaysia and Cambodia will lower tariffs and buy more US goods, according to the administration. Meanwhile, the US and China are nearing a potential trade deal, and Trump has said he intends to increase tariffs on Canada.

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