Carol Roth

So unfortunately, we have 800 apples, but we can't use them all for the pies.

We have to use some of them for something else.

So it's the same thing with oil.

There are different grades and types of oil.

They have different properties.

And the refineries in the U.S.

are set up to handle efficiently only certain types of oil.

So we have a mismatch between what it is that we're producing and what the refiners can handle, which means that even though on paper it looks like, if you look at the numbers, that we're energy independent –

We are still producing heavily, we're exporting heavily, and we are importing at the same time.

So we heavily produce the light and sweet crude, but our refineries, the majority of those are set up to most efficiently process the heavy and sour.

Yeah.

Well, I think we get a lot of it from Canada.

We get it from Venezuela.

We get it from different places.

Right.

But, you know, it's the density is the light versus the heavy and the sweet versus the sour is about, you know, how much sulfur is in it.

So the corrosiveness, the processing and all of that.

So there's this mismatch, just like we had the mismatch for the apples in our pie.

Now, that's only one piece of it.

The other piece of it is that there is global market pricing.