Industry experts warn that US producers won't bail out Europe by ramping up oil and natural gas supply this winter.
The industry's exports of oil and natural gas are close to hitting a maximum even though the US has a lot of energy resources.
The US can't pump a lot more. The production is what it is according to Wil VanLoh.
There's no plan for a rescue. Not on the oil side and not on the gas side.
Concerns about the supply of energy have increased since Russia invaded Ukraine, as Western allies imposed energy sanctions and Moscow retaliated by cutting off gas flows.
Europe is racing to find alternatives to Russian energy imports as demand increases in the winter.
The organization has warned that it can't increase its production of crude. The US rig counts have started to decline again as oil companies have under invested in future production.
Future supplies will be in trouble because of that. One industry boss was not optimistic about the chances of a big rise in production from US producers.
Scott Sheffield is the CEO of Pioneer Natural Resources.
The squeeze in supply has put upward pressure on oil and natural gas prices. When Europe's ban on seaborne Russian oil imports kicks in later this year, oil prices could go up, according to the treasury secretary.
It's not likely that higher market prices for oil and gas will cause US producers to increase production. The investors on Wall Street prefer a high-profit approach.
The Biden administration called on US producers to increase output, but the industry said it couldn't be done in a day.
Europe's energy crisis could be solved with the help of the massive floating gas terminals.
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