“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

The US produces crude oil that is easy to refine. Because it is easy to refine, that makes it more expensive.

Other countries produce crude oil that is more difficult to refine. Because it is difficult to refine, that makes it cheaper.

The US refining infrastructure is better set up to refine the cheap, difficult crude oil.

The US buys cheap crude and refines it and sells the more expensive crude to other countries.