Roughly 43% of the world’s oil production came from just three countries in 2021—the U.S., Saudi Arabia, & Russia. Together, these 3 produced more oil than the rest of the top 10 combined.
Look closely. I think I understand this. AMERICA (not Saudi Arabia) makes more oil per day than any other country (by far!). Here’s the problem, we consume more oil than we make (around -2M barrels/day). Also, that non-American oil is cheaper than American oil for Americans! Further, American refineries have to turn that oil into things like gasoline, heating oil, jet fuel, etc. Our refineries are at full capacity & are...