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QuestionEconomics

Why does the US import oil? A. Because it does not produce any oil at all. B. Because it needs higher quality oil than it produces. C. Because it has exported too much oil to nearby countries. D. Because it is cheaper to import oil than to produce it.
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Answer

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Step 1
Let me solve this problem with a clear, step-by-step explanation:

Step 2
: Analyze the Current US Oil Production

The United States is actually a major oil producer. In fact, the US has been the world's largest oil producer since 2018, producing over 11 million barrels per day. This immediately eliminates option A, which is false.

Final Answer

B - The US imports oil because it needs higher quality oil than it produces.

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