The reason U.S. oil companies haven't increased production is they opted to use their billions in profits to pay dividends to their CEOs and wealthy shareholders instead of investing in new oil production.
Last year, the United States imported 7.86 million barrels of oil daily and it occurs only as a result of chemistry and economics working together.
The economics are straightforward: foreign oil is frequently less expensive than domestically produced petroleum, even after shipping costs.
America's fracking boom primarily generated light crude oil. However, a lot of refineries lack the necessary equipment to distil Gulf Coast oil. The U.S. imports heavy oil to use the infrastructure even though the same equipment can process it.
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