S3 E28: WHY IS IT so EXPENSIVE!?

After the conflict in the Middle East, oil prices have been skyrocketing! But, only 8% of US oil comes from the Middle East, and the US exports more oil than it imports... So, why are the prices in the US increasing?Quick Notes!: Biggest exporter/producer doesn't mean biggest oil reserves!I say US for simplification reasons. When I say US – I mean all the oil and gas companies operating in the US.Also remember – The US heavy oil refineries CAN process light crude oil. However, processing light crude oil is not as efficient (after all, we spent all this money on these heavy crude refineries). Remember - oil and gas companies want to make money and it makes more sense for them to export/import. Can v/s will (See first source for more info) I just wanted to clarify here again in case I accidentally implied this in the episode.Sources:https://www.forbes.com/sites/rrapier/2026/04/05/debunking-a-persistent-myth-us-refineries-cant-handle-shale-oil/https://wheninyourstate.com/usa/nearly-70-of-u-s-refining-capacity-runs-best-on-heavier-crude/https://www.eia.gov/energyexplained/oil-and-petroleum-products/refining-crude-oil-the-refining-process.phphttps://www.oftrb.com/archives/22015https://kimray.com/training/types-crude-oil-heavy-vs-light-sweet-vs-sour-and-tan-counthttps://www.ebc.com/forex/types-of-crude-oil-complete-guide-for-beginnershttps://en.wikipedia.org/wiki/Economic_history_of_Latin_America