“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

We have crude oil type A we produce locally (type A is used for various products once refined). We have the infrastructure and refineries for that type and then use/export that finished product.

We import type B (and the refinded product of B) for use locally.

All crude oils aren’t the same, used for the same end products, nor undergo the same refinery.

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