This is the exact reason that prices for U.S. benchmarks (e.g. WTI) are diverging from international ones (e.g. Brent). The spread between the two is the largest since 2011 and widening. There is only so much export capacity in the U.S., so there will be a glut compared to the rest of the world as a whole.

U.S. prices are up, but international prices are up even more.

if someone wants to buy American oil for twice the price overseas then it’s not gonna go to your local gas station…