EU Pleads for American Energy as Russian Supplies Dry Up
The European Union's energy crisis has worsened due to its reliance on US oil and LNG, according to recent numbers. EU Energy Commissioner Dan Jørgensen sent an open letter to Donald Trump, urging him not to enforce an embargo on diesel exports and maintain supplies to international markets.
Europe's energy costs have skyrocketed while Americans supply the continent with energy, creating a severe strain on pan-European and national balance sheets. The US has redirected over 25% of its total crude oil exports towards Europe since 2021, meeting nearly 16% of EU demand by the end of 2025.
According to figures, Russian crude oil accounted for 25.8% of European imports in 2022, with shipments totaling 1.5 million barrels per day. By contrast, US crude oil exports surged, generating over $36 billion in revenue for American suppliers.