Columbia Energy Exchange

During President Trump's second term, the administration has taken unprecedented action in the US private sector. The federal government's investments in critical mineral mining and chip manufacturing are two examples. The Trump administration has also embraced tariffs, framing them as tools for economic security and a domestic industrial revival.
This shift toward state intervention into private markets, done in the name of national security and economic security, has some bipartisan support. It also has major implications for energy security and the clean energy transition.
So how can this new form of American state capitalism be conceptualized? Is the Trump administration's use of these tools different from prior US government programs to support critical industries, like the Biden-era investments under the CHIPS Act? And what are the best strategies for aligning industrial policy with goals around energy security, supply chain resilience, and innovation?
Today on the show, Jason Bordoff speaks with Daleep Singh about how the US deploys economic statecraft and the need for a framework to guide its use.
Daleep Singh is vice chair and chief global economist at asset management firm PGIM and a thought leader on global policy and macroeconomic trends. He first joined PGIM in 2022, before serving the Biden administration as deputy national security advisor for international economics and deputy director of the National Economic Council. Earlier in his career, he held roles at the New York Federal Reserve and the US Treasury Department.
Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O'Connor, Caroline Pitman, Alice Manos, and Kyu Lee. Engineering by Gregory Vilfranc.

Today marks the last day of CERAWeek, the annual energy industry conference sometimes described as the Davos of energy. As oil and gas CEOs and government officials gathered in Houston, efforts to broker a ceasefire in Iran failed, and US oil and gasoline prices whipsawed.
Speaking at the conference, Energy Secretary Chris Wright said that the current supply disruptions would be short term, framing rising energy costs as a trade-off for the administration's goal of regime change in Iran. Meanwhile, some oil and gas CEOs warned of coming shortages and said the supply shock is not yet reflected in energy prices.
So, aside from a prevailing sense of instability, what are the takeaways from this year's CERAWeek? Where is the energy crisis headed from here? What have the supply shocks changed about how the industry thinks about risk and resource planning? How are events in the Gulf affecting the renewable, coal, and nuclear energy markets? And what does it all mean for global energy security?
Today, in a special edition of Columbia Energy Exchange, Jason Bordoff talks to Bloomberg opinion columnist Javier Blas to recap the events of the past week and to discuss how oil and gas supply disruptions are reverberating across the industry. 
Prior to joining Bloomberg in 2015, Javier held a number of roles at the Financial Times, including Africa editor and the commodities editor. He is also the co-author of The World for Sale: Money, Power and the Traders Who Barter the Earth's Resources.
Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O'Connor, Caroline Pitman, Alice Manos, and Kyu Lee. Engineering by Gregory Vilfranc.

The month-long Iran conflict has rapidly expanded, drawing in actors across the Middle East and raising concerns about broader regional escalation. As a result, we're seeing impacts on energy markets around the world, including across the Indo-Pacific. 
Roughly 80% of the oil and gas flowing through the Gulf is destined for Asia, and disruptions are already being felt in major importing economies like Japan and South Korea, which remain heavily dependent on Middle Eastern supplies.
But the consequences go beyond energy. The crisis is also adding a new layer of complexity to the U.S.-China relationship—reshaping how Beijing thinks about risk, security, and its role in an increasingly unstable global system.
So how is China interpreting these developments? What do they mean for the Indo-Pacific—both in the near term and over a longer horizon? And how might China's approach to energy security, supply chains, and statecraft position it in a more volatile world?
Today on the show, Jason Bordoff speaks with Kurt Campbell about what the current instability in the Gulf could mean for the Indo-Pacific. They also discuss an essay Kurt co-authored with Rush Doshi in Foreign Affairs, arguing for reorienting US diplomacy with China.   
Kurt is the chairman of The Asia Group, which he co-founded in 2013. During the Biden Administration, he was deputy secretary of the United States Department of State. Before assuming his role at the State Department, Kurt served as the inaugural Indo-Pacific coordinator at the National Security Council and deputy assistant to the President at the White House.
Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O'Connor, Caroline Pitman, Alice Manos, and Kyu Lee. Engineering by Gregory Vilfranc.

Nearly a month in, the conflict in Iran appears to have hit a critical inflection point. Over the weekend, President Trump gave Iran a 48-hour ultimatum to open the Strait of Hormuz or face strikes on its power infrastructure, which Iran credibly warned would trigger reciprocal attacks on GCC energy infrastructure. President Trump then postponed those strikes after what the administration described as productive talks with Iran on ending the conflict—talks that Iran denied are happening. 
Meanwhile, a supply shock of historic proportions is unfolding. Some 16% of world oil supply has been disrupted, more than double the volume disrupted during the 1970s oil shock. And a fifth of world LNG supply has been shut in, affecting 50% more volume than the 2022 Russian gas crisis. The world's largest release of strategic oil inventories will buy weeks but not months for most advanced economies. 
In this episode of the Iran Conflict Brief, host Daniel Sternoff speaks with Greg Sharenow about how the energy shocks are reshaping the investment landscape.
Greg leads the commodity portfolio management group at asset management firm PIMCO. He co-manages PIMCO's Energy and Tactical Credit Opportunities strategies. Prior to joining PIMCO in 2011, he traded energy at Hess Energy Trading, Goldman Sachs, and D.E. Shaw. 
Credits: Hosted by Daniel Sternoff. Produced by Mary Catherine O'Connor, Caroline Pitman, Alice Manos, and Kyu Lee. Engineering by Gregory Vilfranc.

As the conflict in ​the Middle East enters its 20th day, events on the ground have shifted into a critical new phase marked by direct strikes on core​ energy infrastructure. With the Strait of Hormuz closed for three weeks, effectively bottling up nearly a fifth of the world's oil and LNG supply, recent escalations have turned the crisis from energy flow disruptions to potentially long-term physical damage. 
Following Israeli strikes on the South Pars gas field in Iran, retaliatory attacks hit Qatar's Ras Laffan—the world's largest LNG plant—and key energy assets across the UAE, Kuwait, and Saudi Arabia. Crude oil and natural gas prices have surged, signaling a shrinking toolkit for policymakers struggling to contain price volatility.
In this episode of the Iran Conflict Brief, host Daniel Sternoff ​t​alks with Anne-Sophie Corbeau to analyze the impact of these infrastructure attacks on global LNG supplies and energy security. 
They discuss the extent of the damage to Qatari and Iranian production facilities and the intensifying pressure on global markets. They also discuss the possibilities, and reverberations, to a scenario where this leads Europe to a return to Russian gas.
Anne-Sophie is a global research scholar at the Center on Global Energy Policy and a leading authority on the intersection of geopolitics and natural gas.
Credits: Hosted by Daniel Sternoff. Produced by Mary Catherine O'Connor, Caroline Pitman, and Kyu Lee. Engineering by Gregory Vilfranc.