Thinking about it, something about crude oil being both the largest industrial import and export seems a bit stupid. If $164b of oil is coming in and $117b of oil is going out, that’s only $47b worth of it actually staying in the country.
Oh well. I’m sure there’s some trade agreements and/or buy-low-and-sell-high trading at play to explain it.
Which is especially galling since the U.S. is the largest oil exporter.
Thinking about it, something about crude oil being both the largest industrial import and export seems a bit stupid. If $164b of oil is coming in and $117b of oil is going out, that’s only $47b worth of it actually staying in the country.
Oh well. I’m sure there’s some trade agreements and/or buy-low-and-sell-high trading at play to explain it.
https://www.census.gov/foreign-trade/Press-Release/ft900/final_2023.pdf