Finally, somebody looked it up. The US produces sweet crude oil. Other countries produce sour crude oil. In the early 2000’s US refineries switched to refining sour crude oil, it is cheaper to buy. The oil companies sell the sweet crude oil to other countries at a nice profit. It is not cost effective for them to switch their refineries back to refining sweet crude oil. That is why we import oil.
a few years back there were 9,000 permits that companies were granted to drill, they did not drill. Why? They are in business to make money. If it is not profitable they will not drill, it cost millions to drill a. Why would they spend millions to drill to lower oil prices? They won’t, they like high oil prices, it is profitable and less hassle than drilling. There was arguing over the 9,000 permit number, but it in half, I don’t care. The bottom line is there was a ***** tone of permits issued that didn’t get used.
and the US produced more oil per month under Biden than under trump. Look it up.