28th Parliamentary Intelligence-Security Forum – Reimagining Trade Today: Indo-Pacific Priorities / Trump 2.0: U.S. Trade Policy

The discussion of Hon. Lucian Pugliaresi centered on the North American Oil and Gas Production Platform, American Energy Dominance and Prospects in the Future. He said that the North American Energy Production Platform is a highly integrated market in which crude oil and products move back and forth across borders and out to the world market. The North American Oil and Gas Production Platform does not draw on world supplies, but instead is a net exporter of petroleum and natural gas to the world market. He emphasized that disrupting the flow is harmful to productivity and long-term efficiency.

Hon. Pugliarse stated that the U.S. is a massive resource of natural gas that it has provided 84% of the increment in world oil demand in 2010-2020. He said that in the absence of America’s ability and technology to produce the incremental oil, the world price of oil and gas could have been much higher. Meanwhile, Hon. Pugliarse highlighted the Philippines as one of the few Asian markets in the power sector that operates principally on market forces (without subsidies), and that it has huge opportunities for the development of LNG supplies to enhance energy security in the country. He does not see the tariffs as necessarily disruptive to the energy supplies and availability to the Asia market.