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.