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Notes -
At the time (pre tar sands and fracking), the US was securing an orderly global oil market with plentiful supply, something that as a matter of domestic politics benefitted you more than anyone else, even if as a matter of economic logic the EU benefitted more than the US as a larger net oil importer. Retail gasoline prices are ultra-sensitive politically in the US, and vary directly with world oil prices in a way which European prices don't because most of the cost is a per-litre tax.
Now the US is a net oil exporter, the US benefits economically from high world crude prices, but the US government probably still loses politically because voters care more about pump prices than they do about oil company profits or oil industry jobs. (Various people have said that the Biden administration was trying to mitigate any upward pressure on oil prices from the Ukraine war because of the US domestic political consequences, despite this working against his climate policy, his foreign policy, and objective US economic interests). In addition, the US benefits geopolitically from the world being a place where the easiest way to get oil is to trade US dollars for it in a liquid market.
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