“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

Not many answers here are actually ELI5.

It’s a spider web of products going in and out. The total exports are more than the total imports, but there is a lot of both.

The ELI7 version is: There are many grades and forms of oil. Many that we import. Many that we export. There are many regions that use and produce oil. Some region produce more than they use. Some regions use more than they produce. So oil products are constantly coming and out of different regions – both with other regions in the US and with other countries. When you add it all up. There is lots of oil coming in and even more going out.