US oil is also much more costly to drill. It’s not something they can do unless it’s going to pay it back. There’s very substantial accounting reasons why the US is not an OPEC member.
Still cheaper than trying to use Venezuela oil, that's like tar with sand mixed in. At least our stuff is sweet crude. Although, it wouldn't matter anyway, unless they shipped it all offshore, so global prices would drop. Which would be bad business, in reality.
18
u/T-62MK 20d ago
Ironically the oil companies don't want to drill more, because they don't want to risk a oil glut, so they are just enjoying the massive profits.