But for the US, there's no question like that. It produces a lot lot more than it consumes anyway. There can't be a shortage.
Yes US produces mostly light crude and production of refined products requires also inputs of heavy one, but it's not produced in the Middle East anyway, so current situation can't impact that, either.
Can't the US producers sell oil outside of the United States, where it's more expensive, thus generating more profits for their shareholders, thus creating a shortage in the United States, thus dragging the prices up to the global equilibrium, thus dissipating any effects of the US producing more oil than it consumes?
anovikov · · focus · HN ↗
Yes US produces mostly light crude and production of refined products requires also inputs of heavy one, but it's not produced in the Middle East anyway, so current situation can't impact that, either.
sssilver · · focus · HN ↗