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Essentially, when we run a deficit, we are borrowing money to buy things that are made overseas.
About 75 percent of the crude oil marketed here is sold off the books, and they are doing trades that would be illegal if it was a regulated market, and of course they do not want to regulate it.
But they are not going to take on Big Oil because Big Oil is very generous at campaign time, and this is all about the elections. They want to pretend that they are doing something meaningful.