G20 debates energy amid Iran unrest
The city of Houston, Texas, is currently hosting G20 meetings focused on “energy abundance” amid ongoing tensions with Iran, which continue to impact global oil and gas markets. Despite Washington’s efforts to increase access to affordable and secure energy, the sharp rise in oil and gas prices—highlighted by diesel reaching a record average of $6.20 per gallon—reflects a deterioration in supply resulting from attacks on Iran. These events occur as Europe fears shortages in preparation for the winter, and the conflict raises political concerns within the US Republican Party, with accusations that Iran is expanding the war to damage President Biden’s administration politically. The situation is further complicated by the participation and interventions of senior officials from China, India, Saudi Arabia, Canada, and Russia.
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