Famous Last Words: “get your own oil”

Well, it’s a pretty integrated world market for oil…up to date data for front month futures:

Notes: Brent (blue), WTI (green). 

If Trump thinks the price of oil used by the US diverges on a long time basis from that of the world, then he’s just exhibiting his (lack of) knowledge of the world economy.

I will say this characterization applies most strongly to US-Europe comparisons. East Asia which relies more on oil from the Mideast can have the relevant oil price move somewhat more strongly (e.g. Dubai).