Chris Isidore, Matt Egan
The United States is producing more oil than any country in the history of the planet. Yet the war with Iran has sent gas prices up 20 cents a gallon, or 7% in just a few days.
Why?
No matter how much crude the United States produces domestically, oil is traded in a global market – one that President Donald Trump just upended. Without all of the United States’ substantial crude production, Americans could already be paying $4 or even $5 a gallon for gasoline. But the United States exports nearly a third of the oil it produces, and it imports nearly a third of the oil it consumes, according to the US Energy Information Administration.
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