In terms of pure economic terms we would not save any money. We buy from Arab nations because they have the most competitive prices. They are able to be monopolistic in nature because of the abundance of oil that their nations sit upon. Therefore if we were to completely rely on American reserves, which is technically feasible, we would end up paying higher prices and spend a lot of money on necessary oil infrastructure. The main benefit being that we would eliminate our dependence on foreign oil.
We do not buy from Arab nations, or any other, because they have competitive prices. Oil is priced globally. We (actually, oil companies) buy from Saudi Arabia and others simply because they have it and we don’t.
It is NOT technically feasible to rely only on US reserves, not at current consumption rates of 19,300,000 barrels per day when all we can produce is about 5,200,000 barrels of crude oil per day. If we only used US oil at current consumption rates, we would have to stop ALL driving, all jet planes flying, all home heating oil for nealry 4 days out of the 7 in a week. There is not enough oil in the US, not under the very most optimistic scenarios, to produce anything remotely close to the consumption that we have now. Even with all forseeable alternative liquid fuels, it is not remotely possible.
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