The west doesn't need ME oil. It has its own, including the largest reserves in the world with 300 billion barrels in Venezuela. I have no idea what Trump is doing. He is a ******* moron. Just so dumb. Unbelievable.
Well, the problem is that oil is a world wide thing. China needs oil, India needs oil, other countries need oil.
If oil prices go higher, they go higher in the US as well. The US cannot keep oil prices down in the US, but them being higher everywhere else, because as soon as the prices go up, money greedy people will start selling the oil abroad.
Let's look at facts:
The US is producing 13.66 million barrels of oil a day.
The US uses about 20 million barrels of oil a day.
The US needs to import about 6.33 million barrels of oil a day to function.
The US exports about 10.7 million barrels of oil a day.
So the US is exporting most of its oil.
The US imports about 7.9 million barrels of oil a day.
The math doesn't add up, but the exporting figure includes products that are made using oil, and I guess that when the US does this, it gets counted in the how many it uses category and then in the how many it exports category.
Anyway, the US needs oil.
The US imports 4-4.7 million barrels from Canada daily
Canada uses about 2.37 million barrels of oil daily.
Canada produces about 5.13 million barrels of oil daily.
So, they have an excess of 3 million barrels but the US needs double that.
So, the problem is the US doesn't produce enough, Canada does (for itself) but not enough for Canada and the US combined.
So the US needs to import oil. The higher the oil prices, the more it hurts the US. If they have to import 6 million barrels a day, and each barrel costs $100, that's $600,000,000 million a day or $219 billion a year. If the oil is at $50, the US saves over $100 billion a year.