Can the US become EU's oil supplier??

[Sithara007]

From what I know, the United States is the largest producer of crude oil in the world (11-12 million barrels per day). But it consumes more than what it produces and therefore is a net importer of crude. But the catch here is that Canada (4.5 million barrels per day) and Mexico (1.7-1.8 million barrels per day) export most of their crude through the ports in the United States. So the US actually exports millions of barrels of crude per day, more than it imports from other countries outside North America. But for the US exporters, East Asia (China, Japan, South Korea, Taiwan.etc) is a more lucrative market, when compared to Western Europe.

[1715049291]

1715049291

[$anounimus$]

I think it's just a change in the market on the other hand, now America is in a better position to provide a new source of crude oil. Extraction of oil and shale gas has recently become economically viable, with large fields being developed in states such as Pennsylvania, Texas, Louisiana and Arkansas. This will allow the US to become the dominant oil supplier for several years to come. As a result, American companies have the potential to benefit greatly from alliances with the EU. such market changes will benefit the EU and the US.