Steve Moore has on Tom Pyle who explains that domestic fuel costs remain high despite record American production because oil is a global commodity and domestic refineries are historically specialized to process specific types of imported crude. He attributes regional price disparities to restrictive state policies in places like New York and California, while arguing that America possesses virtually inexhaustible petroleum reserves that could be safely extracted to bolster national security. The discussion also highlights how geopolitical instability in the Middle East and the slow pace of infrastructure permitting create market volatility and a "lag" in consumer price relief.
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