I was listening to x22 the other day and heard him say China was getting a special deal of only $8 per barrel from Iran while we are paying over 10x that here in the US.
Are we still not producing enough to self supply here in the US? Shouldn't gas be basically nothing since we produce it all here?
The problem in the US is that yes, we do pump plenty of oil. But we don't refine most of that light crude ourselves. Our refineries are set up for heavy crude, like what comes from Venezuela. So we are basically selling our oil on the open market and importing oil to refine. That is why we need new refineries!
I was listening to x22 the other day and heard him say China was getting a special deal of only $8 per barrel from Iran while we are paying over 10x that here in the US.
Are we still not producing enough to self supply here in the US? Shouldn't gas be basically nothing since we produce it all here?
The problem in the US is that yes, we do pump plenty of oil. But we don't refine most of that light crude ourselves. Our refineries are set up for heavy crude, like what comes from Venezuela. So we are basically selling our oil on the open market and importing oil to refine. That is why we need new refineries!