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this post was submitted on 06 Nov 2024
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Last year the US imported ~8 million barrels of oil per day from 86 countries and exported about ~10 million barrels per day to 160 countries. Why didn’t we simply net it out at 2 million and stop all imports? Setting up additional drilling infrastructure not only takes time, but it’s often far more profitable to import/export over sea or intl borders. Why would we stop the profitable export of oil and prevent the profitable purchase of oil to spend time and money just moving oil across the country?
You're moving goalposts. You claimed that we'd pay MORE (dollar on the dime). Drilling locally means supply increases considerably. Supply going up with demand staying in place means price drops, there's no reason to pay "dollar on the dime"... and doing so would actually mean price increases.
Also, most exports are of the crude for processing where we purchase the refined for use. We had a decent deal with Canada to make a boatload of oil export/import in that exact purpose. But then Biden shut down the pipeline that would have made that much more efficient.