Both sides of the pond will be in an equally bad situation in my opinion. Europe has really run down its fossil fuel reserves, but has also implemented saving measures. The problem is, that now, that the low hanging fruits have been harvested, every upcoming cut in consumption will be harder and harder to make. The US on the other hand can still switch to smaller cars (from trucks), reduce air-conditioning, and turn towards smaller homes in the long run. Besides it is still the largest producer of petroleum (at least for now) so - in theory at least - it would be able to manage a power down in a peaceful way. On the other hand, having a relative abundance of fuel never prompts people/politicians for savings: what they do instead is that they release even the strategic reserves to uphold this illusion until it is too late.