The European Union's Energy Security Challenges

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 countrys 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 worlds 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.