Given the current conflict between Russia-Ukraine, and the economic sanctions imposed on Russia, oil and gasoline prices have increased considerably year to date. However, the U.S. by and large produces enough oil on its own. This week’s chart of the week shows the amount of oil the U.S. exports and imports. While this may not make sense, given strong demand here in the U.S. and surging gasoline prices, the reason is that the United States recent rise in oil production in recent years from fracking has primarily been of light crude, whereas most U.S. refiners use heavy crude oil.
Source: Yardeni