The oil price cycle has decoupled the US and euro-zone economies

The shale oil production cycle in the United States has led to a short global oil price cycle (low prices in 2015-2016 and early 2017, high prices in late 2017 and the first half of 2018, low prices in late 2018 and 2019). A high (for example) oil price has beco me good for the United States, as it has a positive effect on the oil industry and related industries, and balances the trade account for energy. But a high oil price is bad for the euro zone, which is a large oil importer. The oil price cycle has therefore give n rise to opposing cycles in the US and euro-zone economies: US growth is boosted when oil is expensive (as in 2018), while euro-zone growth is boosted when oil prices are low (as in 2019); US growth slows when oil prices are low (2019) and euro-zone growth slows when they are high (2018).