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Why does US Import as well as Export Oil ? - Why does it make sense ?
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The US Energy Information Administration (EIA) estimated that in 2020, America would produce 18.4 million barrels of oil per day and consume 18.12 million. Yet, according to the same research, the US has been importing 7.86 million barrels of oil per day in recent years.
In 2021, the US exported 8.63 million barrels per day of petroleum to 176 nations and four US territories.
Why does the US still import crude oil and refined products? And, while they are still importing oil, why do they export domestic crude – especially when prices have risen at the pump? Why don’t they just keep American oil at home?
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