Especially considering we are no the world’s leader in oil production and for the first time in ever we are energy independent. One would think oil independence wouldn’t mean exorbitant gas prices. Didn’t Saudi Arabia have 10 cent gas for their people when they were the top dog in oil production?
The US was a net exporter of oil until the 1950s.
After the 50s Arab oil became cheaper and it was easier to refine than US oil. US exploration started to fall.