“It is a fungible market. Why do you believe the US pays below market rates”
You’ve presented data that shows that the US has been increasing production of oil faster than anyone else. Our producers wanted to export, but it was illegal.
With the increase in domestic supply (that cannot be exported), I would expect US prices to be lower than world prices. On the other hand, decreased imports could match increased US production barrel for barrel, suggesting a world-wide decline in prices. So even if oil were completely fungible, it’s a little bit complicated.
Do you have data on changing oil prices around the world?
Oil is fungible.
Do you understand what that means?
Like gold, it is a global commodity price.
What far complicates oil prices is the significant difference in pricing due to quality. All oil is not equal.