We still import ~7.5 MMBPD of Crude Oil. We actually import more than we need, refine into products and sell that surplus at for a trade improvement.
But when crude oil is refined, it doesn’t produce a perfect match for our consumption of all the different products that come out the refinery. We are still a net gasoline importer, while we are a diesel exporter. We also export a decent amount of the refinery “leftovers”, petroleum coke and residual oil, stuff that isn’t made into transportation fuel.
We still need more gasoline than we make ourselves, mostly imported as blending products to make the specific “recipes” required in different locations.
Making the US uneconomic with $15 import tax, as to all other countries with refining capacity, would close refineries before the US oil production would ever catch up.
I don’t believe Saudis have quite the surplus capacity you imagine, enough to bankrupt their competition. They could drive the price down to a lower level for a while, but then have no surplus capacity to handle disruptions like the next warring faction in Middle East. For example, it has taken Libya quite a while to get back up to speed. Saudi have been the only country willing to hold back production for such contingencies. Without that surplus capacity, we would see price spikes with any significant disruption that would make 2008 seem mild.
More government taxes, even on just imports, would result in us shutting down refineries, and importing more expensive products.
I’m sorry I was not more clear.
The idea is to have a tax that varies to keep the price of imported oil at (for example) $90 per barrel. Therefore, if the Saudis sold a barrel to the US at $80, the tax would be $10. If Venezuela sold a barrel to the US for $70, the tax would be $20. Since $90 per barrel is less than the current market price, all current market participants “should” be protected.
I believe you know more about all the different oil markets than I do.
So maybe my thought that “Where there’s a will, there’s a way” is naive...