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
Whoever told you that is lying or just is stupid and doesn’t understand oil products.
America exports oil and many refined products. We have a very strong refinement industry.
Since we already have the refineries and ability to refine at a high level, we import other countries’ crude oil to refine it and resell.
The products at the end of the chain are worth more. But many countries just don’t have that expertise or refinery infrastructure. So other countries just sell crude to the US to make their bit of revenue, and the US takes that input and refines it into products to then export for larger profits.
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