The past five years have seen growing tightness in all major U.S. energy markets - petroleum fuel, coal, natural gas, and electricity - resulting from surging demand for energy, tightening supply markets and under investment in energy infrastructure. ACEEE has spent the last three years look at natural gas markets in depth, and has now begun to explore other markets, attempting to understand the interrelated nature of these markets. Based on our analysis we have concluded we are not in a supply crisis as we were in the 1970s, but rather a deliverability crisis- demand outstripping the ability of the energy markets to increase capacity. This presentation will summarize ACEEE current natural gas analysis and results, and present information on other energy markets discussing the interrelated nature of these energy markets. ACEEE research has show that modest changes in demand can have profound impacts on markets because of they are so tight. The role of end-use efficiency and renewable energy policies in moderating energy demand growth and rebalancing markets will be discussed.