We’re energy-independent; so why the price spikes?

When the price of a barrel of oil spikes, the world oil markets tend to overreact and then, consequently, the price at the pump spikes the next day.

They have always done that, even though no one seems to give a good reason why the barrels of oil, which take a minimum of three to four weeks to make it through delivery, refining and distribution to the stations, causes the pump prices to spike immediately. Seems like the “good old boy” network working to make an extra buck.

This is the model the USA has lived with for decades.

Does anyone stop to think that since the USA is now energy and oil self-sufficient, why would we still be subject to wild oil price swings on the global market?

Do the U.S. oil companies divert U.S. production to foreign countries when this happens just because they can?

If so, maybe the U.S. should create legislation to cap how much USA-sourced oil should be allowed to divert our oil away from the U.S. markets.

Where is the inherent benefit of being “energy independent” if we are still under the thumb of global delivery hiccups that should not be affecting us?

Perhaps the recent spikes will bring that issue up for discussion.

Arlan Converse

Buffalo Grove