How does natural resource depletion affect energy security risk? New insights from major energy-consuming countries

The continuous supply of reliable and affordable energy sources is crucial for driving a nation's economic activities. The phenomenon of continuous energy supply at affordable prices is called energy security. To date, more than two-thirds of the global energy demand is met by non-renewable energy derived from natural resources. The empirical connection between natural resource depletion and energy security risk remains unexplored in the prior literature. Thus, this study analyzes the empirical linkage between natural resource depletion and energy security risk by applying the CS-ARDL and PMG-ARDL models. As per our findings, natural resource depletion increases long-term energy security risks Globally and in Asia, America, Europe, and Africa. In short run, the role of natural resource depletion is mostly insignificant in energy security risk. In contrast, the GDP, financial development, trade openness, and technological development help reduce long-run energy security risk in all regions except Africa. In the short run, only GDP and trade openness help reduce energy security risks in most regions. Therefore, policymakers should focus on efficiently utilizing natural resources to mitigate energy security risks.