This is the simple and common sense solution to lowering oil prices (but Biden won't do it).

[Stormy Daniels]

Nope. We have been importing oil since 1950.

Cool story. Nevertheless, we are now a net exporter and have been for multiple years.

 

[Big Bend Texas]

The United States is the world's largest producer of oil. We produce nearly double the next closest producer and in fact the United States

That isn't true.

https://www.nasdaq.com/articles/what-countries-are-the-top-producers-of-oil

KSA is still the top producer of oil, not the US.

 

[Big Bend Texas]

Cool story. Nevertheless, we are now a net exporter and have been for multiple years.

We're only a net exporter if you include refined products/goods and natural gas along with oil.

 

[Big Bend Texas]

That's no consolation for those who are struggling and need to drive a lot.

Daily production is about 12,500,00bbls and daily consumption is about 17,700,00 bbls/day

US Oil Consumption, 1965 – 2023 | CEIC Data

US Oil Consumption was reported at 19,140.000 Barrel/Day th in Dec 2022. This records an increase from the previous number of 18,785.000 Barrel/Day th for Dec 2021.

www.ceicdata.com

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

 

[Stormy Daniels]

That isn't true.

https://www.nasdaq.com/articles/what-countries-are-the-top-producers-of-oil

KSA is still the top producer of oil, not the US.

Your own link says it's the United States, genius. You should click it.

 

[Stormy Daniels]

We're only a net exporter if you include refined products/goods and natural gas along with oil.

No, we're a net exporter of oil, period.

 

[Dragonlady]

The United States is the world's largest producer of oil. We produce nearly double the next closest producer and in fact the United States is a net exporter of oil. But oil is a global commodity sold on an open market. And that means that douche nozzles in Russia, Saudi Arabia, and elsewhere have a significant impact on the price of gas in Chattanooga.

We can solve this easily if Biden had the chutzpah. It's really simple. To lower oil prices in the United States, we should entirely ban the export of oil. No more global markets setting domestic prices. Keep all the supply for ourselves, let supply and demand reduce domestic prices, and short circuit the international market from driving our prices up. If other countries are hurting because of bans on Russian oil, then that's their problem. If other countries can't produce enough oil to make themselves independent, then they should figure it out for themselves. It's not our problem.

There's no reason we can't do it, except that our President isn't willing.

So you want the President of the United States to take control of the oil industry. Isn't that "socialism"?

It's definitely not free market capitalism.