As the war in Ukraine escalated earlier this year, Russia began cutting off gas supplies to Europe in retaliation for western sanctions. The move left Europe scrambling to find alternative sources to build up its natural gas inventories for winter, as Russia had supplied 40% of its natural gas before the war.

The U.S. has stood ready to help our European allies by supplying liquefied natural gas (LNG) exports, with nearly 70% of U.S. LNG cargoes having gone to Europe this year – a record high. These cargoes contributed to Europe’s gas storage facilities reaching 95% of capacity ahead of winter.

Back at home, New England is bracing for winter as it faces a potential energy crisis of its own. There are growing concerns about a possible energy shortage that could lead to rolling blackouts and elevated consumer costs.

The U.S. is the world’s largest natural gas producer as well as the largest exporter of LNG, but without adequate pipeline capacity to New York and New England, the region has long been forced to purchase LNG on the global market to keep the lights on for consumers while still meeting winter heating demand. This has always been costly, but amid Russia’s war in Ukraine and the resulting natural gas shortage, this year may be particularly so, as New England will be competing with energy-starved countries in Europe and Asia in a very tight global LNG market.

Consequently, American energy leadership, including essential contributions by Colorado’s oil and natural gas industry, plays a critical role in global and U.S. economic security.

As the fifth-largest oil producer and seventh in natural gas production in the United States, Colorado is a national leader in energy production. Yet Colorado’s production levels of natural gas and oil have fallen by 15.5% and 24.6%, respectively, from their highest levels in 2019 – at the same time as the U.S. has had to dip into its Strategic Petroleum Reserves this year.

Policymakers should support oil and natural gas projects. Colorado’s natural gas and oil is a strategic asset for our state and nation. We make meaningful contributions to global supplies that can help keep downward pressure on prices while creating high value-adding jobs across the state and advancing environmentally responsible oil and natural gas developments.

Colorado lawmakers should look to policies that foster production. Our state has already adopted one of the most robust regulatory frameworks in the country since the passage of Senate Bill 181 in 2019 and the creation of Colorado’s Greenhouse Gas Pollution Reduction Roadmap. We are encouraged by how our operators have risen to meet the moment under the new regulatory environment.

We hope that any new actions and policies are supportive and flexible for the Centennial State to continue to produce affordable and reliable energy. If not, continued decreases in production could put upward pressure on prices and also weaken our nation’s energy security.

We all should ask whether we want energy produced in places like Colorado, with environmentally conscious laws, or by international sources that are not focused on public health, safety and the environment – and serve to weaken the U.S. trade balance.

Drilling permits in Colorado have picked up, but they are still nowhere near the pace that they were pre-pandemic. By EIA’s estimates, the world needs more oil and natural gas, not less, and America’s role is critical, especially in filling the void left by the war in Ukraine. The world’s energy challenges are manageable, but only if Colorado helps to lead the way.

Lynn Granger is executive director of API Colorado, a division of the American Petroleum Institute.