U.S. Offshore Oil Boom Is No Cure For Global Supply Crunch

With news that Germany is no longer a hold out on EU-wide Russian oil import restrictions, the oil market supply crunch is looking to get even worse if the EU decides on a full ban. While Hungary remains a potential holdout, sources cited by the Wall Street Journal indicate the 27-member bloc is discussing ways to help the country manage oil supplies without flows from Russia. The EU sends $450 million a day to Russia for oil and $400 million per day for natural gas, with Europe importing 138 million tons of Russia’s oil last year, good for…