We produce about 12 mm barrels of oil a day, and we use about 29mm a day. Most of what we use comes from other countries.
The 7 largest energy companies in the world control about 7% of the world market. Governments control most oil production, which means concerns not necessarily related to the actual market are heavily in play.
Oil is fungible, like money, and the price is set with global input, except for places like Venezuela. You can see how that has worked out.
Thanks -now I better understand.