The US still imports 1/2 the oil it consumes.
The rest of the world imports most, if not all of what they consume.
And every barrel of US crude is sold to refineries at market rate, or exported at market rate.
If 5mil bbl per day is suddenly taken off the market, $125 a bbl is easy. Especially with a war in the Persian Gulf between producers.
You are correct and also wrong. The USA does import vast amounts of oil for our refiners. We also export vast amounts of refined products. In actuality we became self sufficient in oil this year 2019. We have become a net exporter of petroleum products. It is not huge amounts at this time. Our shale production of oil continues to grow. If not for shale oil we would probably be looking at 150 dollar a barrel oil if not higher.
The US still imports 1/2 the oil it consumes.
Thats old info.
https://money.cnn.com/2018/09/12/investing/us-oil-production-russia-saudi-arabia/index.html
We import and export (supply chain reasons) but produce as much oil as we consume and much more natural gas than we consume. There are wells that have been drilled and capped waiting for higher prices. As soon as the price goes up we turn on the spigot.