- Joined
- Dec 28, 2014
Something apparently a lot of people don't know is while countries like Saudi Arabia have lots of high quality oil, so do we, and while we're not as plentifully supplied with oil as we are with coal, the oil we do have is generally of very high quality, light, sweet, crude oil. Which you can do nearly anything you want with. So it generally sells at a premium and is preferred by those who have some specific reason for needing high quality oil.Export ban was rescinded in 2015 because American crude sold at a premium on intl markets. Bipartisan groups have been trying to reinstate it since 2020 and we'll probably see it happen again this year.
The only reason we don't have a trade surplus on fossil fuels is we use so much ourselves.