“…In 2013, nevertheless, the US still imported about 50% of their refinery input (Kilian, 2015). Because demand for oil products exceeds domestic production in spite of the shale oil revolution, consumers and industry in the US remain vulnerable and exposed to global price shocks (Brown and Huntington, 2015;Grossman, 2013). Also, the profitability of the United States shale oil expansion depends on global crude prices (API, 2014;Aguilera, 2014;Aguilera et al, 2009).…”