OK thanks for that. It looks like it sells for more than the international price, especially in the last 4 years.
Which means we are paying top dollar for our own oil. Which is fine, but I don’t see how that is going to lead to “energy independence”. Energy independence for those who can afford it maybe.
I don’ see how that rule of not selling crude oil outside the USA is keeping prices down.
no you have is bass ackwards. The US price is less than the international price.
currently the way the interests in the oil patch work is that the drillers want the law changed so that they can sell oil directly onto the international market. This would enable them to enjoy the higher international price.
However, the refiners want to keep the law in place that forbids the export of crude because then they get to have the lower cost US crude to refine. They pay a lower price for the crude so they can undercut foreign refiners,grab market share and still make a profit.