SCOTT THUMAN: The threat of war in Ukraine stirring worries of a secondary fight: one over energy. Russia provides around one-third of Europe's natural gas, a flow that could be jeopardized in a full-on conflict. So last month for the first time ever the U.S. exported more liquefied natural gas to Europe than Russia. So what does all of this mean for America's oil and gas supplies here at home?
MIKE SOMMERS (CEO, AMERICAN PETROLEUM INSTITUTE): We don't want to find ourselves in the position that Europe finds itself in today, where they're dependent on gas from Russia. And we've been raising red flags about this.
THUMAN: In a letter to the White House, energy industry leaders warned President Biden the United States is not immune to future challenges like those now facing Europe, but will require collaboration between government officials and Industry experts. They want Biden to stop imposing regulations on U.S. companies that they say restrict production here, and is one reason America is importing petroleum from other nations.
In January of 2020 before COVID hit, the average price of gasoline was $2.55 a gallon and there were nearly 800 oil and gas rigs drilling in the United States. Now, gas is $3.49 a gallon and as of 2 weeks ago, there were just over 600 rigs drilling.
PRESIDENT JOE BIDEN: High energy prices only, only reinforce the urgent need to diversify sources, double down on clean energy development.
SOMMERS: If we're going to encourage the development of renewables like wind and solar, you're going to need natural gas to back it up. The wind isn't always blowing, the sun isn't always shining.