Quote:
Originally Posted by EagleTed
If raw materials, such as oil, are what are bankrupting the country, why isn't every importer of oil and other raw materials going bankrupt? Japan and Europe have never produced enough raw materials on their own (at least during the Industrial Era).
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Oil imports are very profitable, because the US has not built a new oil refinery in over 20 something years. Oil consumption has increased but our ability to refine it has not kept up, therefore demand outweighs supply.