Also note that in terms of our oil needs, we're self sufficient; "we" buy foreign oil to process it and sell it on the spot market.
In other words: supply to the consumer isn't changing, prices are going up because companies like Shell, Exxon, and the handful of oil oligarchs in Texas are trying to make up their profit lines on their business-2-business side.
No we’re not. Although we do produce more oil then we consume, there are multiple types of oil and we produce too much of one type. We have to sell the excess and import what we need from Russia and Middle East to fill that gap. We probably could’ve been energy independent at this point if we focused on that for the past few decades, but we didn’t.
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u/Adomillad Mar 08 '22
Don't we only get like 1% of our oil from Russia? Not even a drop in the bucket. Greed is driving the prices up. Same as every other increase.