They can replace the imported oil with domestic oil and make up the difference in volume. Just have Biden reverse what he put in place by executive order and let's see how it goes. You won't do it. Biden won't do it. All the excuses you make are just a smokescreen for the ultimate destruction of our oil industry. The oil executives know this and are grabbing everything they can while they can.
Oil is a global commodity and priced in a global market Whether it's imported or domestic the price is still the same.
Now when BP said that it will cut their oil and gas output 40% did they go ask Joe Biden if that was ok with him?
Oh and BTW did I tell you what they said they were going to replace that 40% cut with? the answer: renewables.
30 year mortgages are now 7%. did they go ask Joe Biden if it was ok with him?
Jeb Powell jacked interest rates another 3/4%. did he go ask Joe Biden if it was ok with him?
Yes, the powers of the American presidency has been slowly weakening over these past decades . Now are you so afraid of what may or may not happen that you would feel less afraid by replacing a democratically elected president who answers to rule of law with an autocratic dictator who answers to nobody?