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.
Which is especially galling since the U.S. is the largest oil exporter.
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)