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Whether we produce our own oil or not doesn't matter, it is a global commodity. Crude isn't going to sell for let's say $75/barrel in the US when customers around the world are willing to pay $125/barrel. Oil companies will look to maximize their profits.

Have a look at the Weekly Petroleum Statistics issued by the EIA, a division of the Dept. of Energy.

EIA

By tomorrow, a weekly update will be issued.

Go to the Crude Oil page (see tab at top). About halfway down, see the Production Data.

We are producing 11.9 million barrels per day (mbd) of crude oil currently, we are importing about 6.4 mbd and exporting about 3.6 mbd.

Now check the Gasoline page.

We are refining about 9.8 mbd of gasoline currently, we are importing about 0.9 mbd and exporting about 0.9 mbd.

Now check the Distillate page (includes diesel fuel and home heating oil).

We are refining about 5.1 mbd of distillate currently, we are importing about 0.2 mbd and exporting about 1.2 mbd.

So there are imports and exports of both crude and refined products. These are probably driven by locale and market opportunities.

Now go back and look at the inventories (stocks) of Crude, Gasoline, and Diesel. They are all below the 5-year average.

These low inventories drive prices higher.
 

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You might want to look at the Weekly Petroleum statistics issued today. It describes the amount of oil that is being produced and exported. It also discusses that dynamics of moving oil and products from where it is produced to where it is consumed.

Updated EIA

(Also, see Post #4).

Here is the first line in the Analysis:

"U.S. exports of crude oil and petroleum products reached a record of 9.8 million barrels per day (b/d) during the week of May 27 (based on a four-week rolling average)".
 

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Here is a recent article, "White House Weighs Fuel-Export Limits as Pump Prices Surge".

Bloomberg

From the article:

"In meetings with administration officials in recent weeks, refining executives have stressed that it’s incongruent to both talk down capital investments in the refining sector while pleading for more of them, two of the people said".
 
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