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[–] 16317369? ago (edited ago)
My question is, why is the US both importing and exporting crude oil? Are there different types of crude oil that sell for different prices?
[–] 16317607? 0 points 1 point 1 point (+1|-0) ago
Yes. Oil is a hugely complicated chemistry business. You don't really pump "oil" out of the ground, you pump some sludge that contains various useful things, and various bad things you don't want, like sulphur. The process of going from ground sludge to something like gasoline, which can be a commodity, is long and complicated.
[–] 16338546? ago
Is what they pump out of the ground called "crude oil" or is it called something else? I have a friend who designs oil refineries, I really should ask him a bit more about this. I do know the process is long and complicated and some by-products are tar and kerosene (paraffin in Europe) but that's about all I know.