This report is based on an analysis begun in mid-2022 to research the impacts of the energy transition on oil and gas security in the APEC region. The muted response to oil and gas supply in the face of rebounding demand is suggesting a potential return to the boom-bust oil market that governed energy markets prior to the advent of the Shale Revolution last decade. Amidst this, higher prices and volatility are prompting APEC policymakers to veer their energy policy plans and directly act to mitigate the impact on consumers, businesses, and the overall economy. It is important for members to understand the diversity of the policy approaches currently in use to balance the energy trilemma across the region, and the multitude of options available as APEC continues its journey towards carbon neutrality. This study examines the emerging trends in oil and gas markets brought on by this energy crisis, highlights the evolution in policy across APEC, and provides recommendations to guide policymakers toward a secure, sustainable, and affordable energy future for the APEC region.