The EU has spent 7% less on oil and gas from the US over the past four months despite making a pledge to Donald Trump to purchase $750bn of American energy over the next three years. While the bloc bought higher volumes of US liquefied natural gas since its trade deal with Washington in August, oil and gas prices have fallen, reducing the overall value compared with the same period last year. Gas prices would have to quadruple to $37.3 per million British thermal units by 2028 for the EU to meet the trade target under the agreement. The lack of economic rationale had made the agreement look like a way for the European bloc to buy time and postpone a direct confrontation with Trump.
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The EU has spent 7% less on oil and gas from the US over the past four months despite making a pledge to Donald Trump to purchase $750bn of American energy over the next three years. While the bloc bought higher volumes of US liquefied natural gas since its trade deal with Washington in August, oil and gas prices have fallen, reducing the overall value compared with the same period last year. Gas prices would have to quadruple to $37.3 per million British thermal units by 2028 for the EU to meet the trade target under the agreement. The lack of economic rationale had made the agreement look like a way for the European bloc to buy time and postpone a direct confrontation with Trump.