The US was in a good position to take on a lot of these contracts and the Biden administration, despite what the right might think, is actually extracting more domestic O&G than at any point. The shift is also that when oil prices climb high enough it makes shale production profitable enough to actually extract. I don’t see how it falls back to pre-war levels but the US can also more than make up for the demand with a high enough price per barrel. I think much under $50 a barrel of NYMEX, most of the US producers stop operating.
The US was in a good position to take on a lot of these contracts and the Biden administration, despite what the right might think, is actually extracting more domestic O&G than at any point. The shift is also that when oil prices climb high enough it makes shale production profitable enough to actually extract. I don’t see how it falls back to pre-war levels but the US can also more than make up for the demand with a high enough price per barrel. I think much under $50 a barrel of NYMEX, most of the US producers stop operating.