YoursTruly
Platinum Member
- Dec 21, 2019
- 9,364
- 5,769
What if you're exporting more than you're importing?
How could you export if you weren't importing. That's the charade, bro. Especially when the demand is waaaaay down in your own country and you still have trade agreements made with OPEC & Russia to import their oil. Oil is bought months and months in advance.
This is one reason the US oil companies welcomed their own bust cycle. And why it took so long for the higher prices to start showing up at the pump. US oil companies had a lot of excess oil of our own. And tankers and tankers of oil already bought.
US oil lay offs started in may of 2020. Oil prices didn't start rising until just after the election. (and I mean like a week or so after the election) They had to refine all that excess oil.