We still have net imports of 20% of our oil use. Demand exceeds supply. If the world price goes up, so does our price.
Cheaper prices increase demand. Once prices reach a certain point, demand will decrease forcing prices to decline. We have an expanding global economy thanks to the US.
“We still have net imports of 20% of our oil use. Demand exceeds supply. If the world price goes up, so does our price.”
A large percentage of that net oil imports is actually exported as refined petroleum products so it is not as dire as you would think.