The world is facing the largest energy crisis in modern history—and the U.S. may be the country with the most power to do something about it. Oil exports are projected to slow by 1.5 million barrels per day in the second quarter of 2026, leaving Pakistan, Indonesia, and the Philippines within days of running out of gasoline and crude oil. The International Energy Agency warned last month that Europe has “maybe six weeks or so (of) jet fuel left,” which would force airlines to cancel flights or hike fares.
For University of Massachusetts Amherst economist Gregor Semieniuk, the crisis makes a compelling case for the U.S. to lead a departure from the free-market philosophy that has governed oil distribution for more than 40 years.
