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Business & Economy

Ohio oil and natural gas producers closely watching Russia-Ukraine conflict

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Ohio oil and natural gas producers here are taking a "wait and see" approach to the rising tensions between Russia and Ukraine.

Mike Chadsey is a spokesman for the Ohio Oil and Gas Association, a trade group that represents some 2,000 companies.

He said Ohio producers are "ready, willing and able" to step up production, should Russia cut supply lines to Europe.

"It's cold right now, and so Europe's going to need that gas. Now they do have some storage. But really, it's up to the American producers and producers across the globe to try to supplement that Russian supply to Europe to get them through the winter," said Chadsey.

So far, Chadsey said, Ohio oil and natural gas producers have not ramped up production, but stand ready to do so should the need arise.

Crude oil prices topped $90 a barrel Wednesday, with threats of sanctions on Russia rattling commodity markets in recent days.

About 40 percent of Europe's supply of natural gas comes from Russia.

Matthew Rand is the Morning Edition host for 89.7 NPR News. Rand served as an interim producer during the pandemic for WOSU’s All Sides daily talk show.