EU–US energy deal stalls as $750B pledge clashes with falling prices and capacity limits

In August, the EU pledged to President Donald Trump that it would spend $750 billion on U.S. energy over three years, yet from September to December its oil and gas purchases from the U.S. actually fell 7% by value to $29.6 billion. For all of 2025 so far, U.S. energy imports total $73.7 billion, far below what would be needed annually to reach the 2028 goal, and analysts argue that only extreme price increases and large-scale infrastructure expansion on both sides could make the target achievable. While the European Commission cites €200 billion in energy-related imports over the first 11 months of 2025 and rising LNG volumes, experts and former officials question whether the agreement was ever a realistic commercial commitment rather than a political maneuver.