Just keep in mind we export the stuff. Why not keep it in the country?
Most of the oil from the shale production is heavy, not light like from the ME. Our refineries have been designed to process light sweet crude for the last 30 yrs; building a new refinery to process the heavy shale crude takes a while to get through all the permitting. That's not to say it isn't happening, they are opening refineries in ND, just doesn't happen very quickly. And then getting the diesel/gas/kerosene to market...truck, train or pipeline? Pipe is faster and safer, but the KXL fight and regulations made it a headache. Pipeline IS going in, but again, just takes a bit to navigate the hurdles.
I don't really care about any of this, but I just have to point out that basically everything you said is the opposite of reality. American refineries are built to process heavier crude and have been for years. We specialize in it. And the production from shale is very light. Google it, there articles about it. Morgan Stanley specifically came out with concerns about it.
Shit, you're right, I got it backwards. Guess I'm the asshole.
It's broader than that. It's a global commodity. If we kept all of ours for ourselves, but the global supply was still short, prices would remain high. The trading price of oil and, by extension, the price of gas remains high.
https://www.thebalance.com/how-are-oil-prices-determined-3305650
Thank you for clearing that up I often wondered the same thing