The US exports oil, but that won’t shield Americans from higher gas prices
The US exports some oil products, but it still imports crude — and global markets ultimately determine what Americans pay at the pump
With the Iran war prompting oil transport blockages in the Middle East that are pushing up oil and gasoline prices, Energy Secretary Chris Wright has become a public face of the Trump administration’s efforts to calm consumers.
In a March 12 interview on Fox News, Wright downplayed the impact on the U.S. from stalled traffic in the Strait of Hormuz, through which about one-fifth of the world’s oil traffic flows.
“The United States — we produce more oil than we can consume. We’re a net oil exporter,” Wright said.
This comment misses some important context.
Some metrics show the U.S. as a net exporter, but for crude oil — the material that’s refined into gasoline — the U.S. is a net importer.
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