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Being cynical where these things are concerned, I'd say the US are using a long term strategy of 'using up everyone else's (cheap) reserves first', which will leave them with all the oil when everyone else is dry. (I use a similar gambit when playing strategy games on the PC)

A bit like the UK and the coal industry - as I understand it the pits didn't mine out it just became cheaper to get it elsewhere. And when the coal runs out from overseas, here we are with pits that can be reopened.

IIRC doesn't the US also have huge reserves of oil shale?
 
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