Now, I understand Oil . . .
Not from that video. Although some of it is accurate, we used to refine West Texas Intermediate crude. Every refinery we had was set up for it and we had them inside cities. Then people realized refineries in urban areas were a major health hazard and they all got dismantled and became superfund sites.
And the video never addressed the actual chemistry - you have sweet and sour crude and processing them into useful products is two vastly different operations. Sweet crude is alkaline - it's a strong base. Sour crude is acidic. You can imagine right there the immediate differences in handling as early in the process as pumping! Your metallurgy is entirely opposite! That's everything pipes valves pumps tanks containers... Tanker material... Your process chemistry... Everything.
We had an infrastructure set up for our own crude. Didn't need any foreign oil. Then the government made it uneconomical to take out of the ground with punitive taxation and regulation -- while the dirt cheap middle east crude could be shipped in at 1/4th the cost. We retooled our refining infrastructure.
Recently the regulations and taxation has been relaxed making it economical to pump our own oil and sell it. But I can tell you from hands on experience that we still have around 80 percent of our wells on every lease, capped. We're putting out only a trickle of what we could do - flood the market and you kill the golden goose.
Anyhow, I could go on but my point is it's not as babyshit simple as that video makes it out to be, and it's also misleading.