This paper presents a comprehensive analysis of current United States–European Union (U.S.–E.U.) aviation relations. Following a brief historical review, the proposed North-Atlantic Open Aviation Area is discussed. Specifically, the associated economic benefits are assessed, and the causes of the current deadlock in U.S.–E.U. negotiations are analyzed. Particular attention is paid to the interests and actions of U.S. stakeholders, most notably U.S. airlines, labor organizations, the Department of Transportation and Congress.