Post
Topic
Board Economics
Re: Can the US become EU's oil supplier??
by
naira
on 06/08/2022, 13:41:48 UTC

We've had the issue of the Russians retaliating against all the sanctions imposed on them by threatening- if I can be allowed to use that word- to cut off supply of crude to the EU and the body deciding to reduce it's use and dependence on their oil. This sounds achievable, right? Fine..
 Over the years, the US have been known to have amassed a lot of crude oil and gas to last generations! US oil purchase history
In addition to licensing in drilling in the US, there are also problems with the level of demand, which of course the US has not been able to provide guarantees to the EU in the long term. As a producer, it is clear the US does not want to lose some of its main revenue. Even when Russia aggressively stops into the territory it deems to be non-allies, it only benefits Asian countries like China by getting cheap prices. The European Union is still dependent on Russia and is slowly easing its sanctions.