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The main trick is jacking domestic sales prices. If you double the cost of oil, you'll make massive profits while either exporting more or importing less (or both if you were nearly self-sufficient before tinkering with prices.)
There are secondary effects, however. If you run a lot of petrol plants, you'll just end up taxing yourself by increasing your electicity costs. Other industries use petroleum directly, as well. Also, if people have trouble buying too many things because of prices, you can end up voted out of office.
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