In the United States, we produce as much oil as we consume although we do not consume the oil we produce directly. The reason for this is our refineries are tuned for heavy sour crude but the bulk of our oil now from fracking is light sweet crude.

So we export our more valuable light sweet crude, import less valuable heavy sour crude and feed our refineries.

We consume only 2-1/2% of the oil that comes through the Straight of Hormuz yet gas locally has gone from $3.49/gallon to $5.69/gallon. Profiteering anyone?