Oil price

The US produces 13 million barrels of oil per day with total petroleum production exceeding 21 million barrels per day and they import 6 million mostly from Canada and they export 5 million per day. This makes the US energy independent. The US produces and uses 22 million barrels per day. The difference between the 13 million b/d of crude and the 21 million b/d of total petroleum products is called refinery gain. In refining many parts of natural gas along with biofuels are blended into the final products. If the oil from the Middle East is shut down while the Ukraine continues to hinder the exporting of Russian oil the world price will rise quickly. If the price of gasoline keeps rising in the US the President has the power to cut exports which would cause the world price to rise even further. The result is that far east countries like China and Japan along with Europe would be hit with high prices while the US would maintain current prices. This would mean that the US price of oil would hover around $80 while the world price would rise to $200. This will cause countries around the world to put pressure in Iran to concede to the US demands and join the world community.