Thinking about it, something about crude oil being both the largest industrial import and export seems a bit stupid. If $164b of oil is coming in and $117b of oil is going out, that’s only $47b worth of it actually staying in the country.
Oh well. I’m sure there’s some trade agreements and/or buy-low-and-sell-high trading at play to explain it.
Thinking about it, something about crude oil being both the largest industrial import and export seems a bit stupid. If $164b of oil is coming in and $117b of oil is going out, that’s only $47b worth of it actually staying in the country.
Oh well. I’m sure there’s some trade agreements and/or buy-low-and-sell-high trading at play to explain it.
https://www.census.gov/foreign-trade/Press-Release/ft900/final_2023.pdf
It’s because oil is a global market and exports are more profitable than keeping it here for some types of oil.
(Side note for those that don’t know: the President has the authority to instantly ban all oil exports at any time)