“Why does the US import so much oil when they are the world’s largest exporter of it?”

Question

I keep hearing over and over that the US imports all of its gasoline and raw petroleum that it used, however when you look at the numbers its the greatest exporter of oil ever. Wouldn’t it make more sense for the US to just take some that they produce and keep it to sell to its own consumers.

In: Economics

Answer 1

There is a lot of money in refining oil for people who have it but can’t refine it. Value added manufacturing and whatnot.