Oil Prices
Hi Terry, this may be out of your realm, but, if the President keeps saying we are energy independent and we are blessed to have tons of oil, why are our gas prices so high in the US? I can see everywhere else but why here? Thank you.
Terry Says
Great question. We do fall under the “energy independent” category — especially compared to Europe and Asia. But the heavy crude we need to refine gasoline is not something we produce here. So while we export light sweet crude, and liquified natural gas, we do import heavy crude.
And crude oil is priced as a global market. So we pay the higher prices set by world demand when we do import crude.
Here’s a great article explaining that in detail:
https://legalclarity.org/why-does-the-us-export-oil-and-still-import-it/
