I want AMERICAN oil companies to supply AMERICA first so gas prices fall or at least not risel. Or is this just another way of fleecing the American taxpayer (with all the taxes attached to gasoline) while making inroads to markets abroad? Just ridiculous.
Commodities trading, of which oil may be the most important, is now international in nature. If oil can be sold at a greater profit in Europe than in the United States, it will flow there. Money is like water, it follows the path of least resistance, and the oil will follow the money.
What I like least about this is it makes us an extractive economy. Real wealth comes from mining and manufacturing, but between the two, manufacturing creates far more wealth than simple resource extraction.
Yes, we need to produce oil, but we need it to fuel an industrial economy. There are very few countries in the world who can have self-sufficiency in food and energy, and also have an advanced industrial economy. We are one of them.
It’s crude...has to be refined. We don’t have that capacity at present.
They are supplying us first.
We have grades of oil refineries elsewhere need more, while other places have grades our refineries need more.