So, while America is a net oil exporter, it still must import significant volumes of crude to get the right feedstock match for its refineries. refineries run on the heavy, sour crudes that predate the shale boom, so these crude grades must be imported, mainly from Canada and Latin America. exports crude because our refineries can only handle so much of the light, sweet oil that comes from America's shale fields. That requires some understanding of how America fits into global energy markets. Indeed, such measures could backfire and send fuel prices higher. News that the OPEC-plus cartel will likely announce a significant production cut this week to support oil prices – a major blow to the White House – will also factor in.īut keeping more energy at home and off the global market won’t make these commodities, which are priced in international markets, any cheaper. The administration has toyed with export restrictions, but with the election nearing and inflation still soaring, the prospects now look stronger.
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