Re: Obama wants to cut oil imports by 1/3 by 2021
Shutting refineries raises the price of refined product, but drops the price of crude (less supply of gasoline, less demand for crude).
Any post-208 Odell references? Why are oil companies drilling to extreme depths if they can just open the taps? They like spending money?
One gusher just doesn't go very far in supplying the US's fuel demands.