“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

America is the centre of the world’s oil produciton and oil CONSUMPTION. And up until 2008 America was a net importer of oil….. meaning that they. As soon as Americans discovered the middle east had oil the world’s wealthiest man was creating oil tankers to transport it.

And then 2008 hit. America had successfully diversified its energy sources enough and reduced its fuel costs via Bush era vehicle manufacturing laws that now America was over supply.

So now America imports raw crude and exports diesel, gas and plastics.