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A comment on US Gross Domestic Product, Second Quarter 2022 (Advance Estimate). Parent comment
We export light sweet crude.
We don't have the refineries set up to refine that type of oil.
We import sour crude that the refineries set up to process more efficiently in the 90s (before fracking).
Saudi oil is the sour type - and so we import that and the price of Saudi oil has the biggest impact on US gas prices.
To change this around, oil companies in the US need to retool their refineries to the light sweet type that is produced domestically.
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We export light sweet crude.
We don't have the refineries set up to refine that type of oil.
We import sour crude that the refineries set up to process more efficiently in the 90s (before fracking).
Saudi oil is the sour type - and so we import that and the price of Saudi oil has the biggest impact on US gas prices.
To change this around, oil companies in the US need to retool their refineries to the light sweet type that is produced domestically.