I paid $3.09 yesterday...its been around 5 years since I saw that price. :)
I’ve read that Mexico has been particularly stupid about skimming oil profits into their general fund, and not allowing it to be used for new exploration...and their production is taking a steep dive. So our increased production is somewhat offset by Mexico’s decrease...somewhat leveling out the impact on our imports from the middle east.
Any decrease from Mexico is offset by increase production from Canada. Canada has the third largest proven reserves in the world.
And as the Venezuelan Commies destroy their real economy the more dependent they become on oil exports.
Venezuela now has more proven oil reserves than Saudi Arabia.