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Escalating tensions between the United States and Iran are reverberating far beyond the immediate theater of armed conflict. Energy markets have responded quickly, with oil and gas prices rising amid concerns over supply disruptions in the Middle East. But as recent commentary underscores, this moment is not simply another geopolitical flashpoint. It reflects a deeper structural reality: the global economy is caught in a molting phase of an incomplete energy transition. Against this backdrop,...

On August 25, 2016, researchers at the University of Michigan, led by research professor John M. DeCicco, Ph.D., published "Carbon balance effects of U.S. biofuel production and use," a study examining the impact of biofuel production on carbon dioxide (CO2) emissions. The study, funded in part by the American Petroleum Institute, examined USDA crop-production data and determined that the increasing use of biofuels has resulted in a net increase of CO2 emissions, with only 37 percent...

On August 11, 2015, the U.S. Energy Information Administration (EIA) released the Short Term Energy Outlook (STEO) report. The report outlined expectations for regular gasoline to average a retail price of $2.41 for all of 2015, with prices for the fourth quarter of 2015 averaging $2.11. Consistently low gasoline prices, in addition to the proposed Renewable Fuel Standard volumes that were announced on May 29, 2015, have resulted in the EIA forecasting that ethanol consumption will average about...