Even if U.S. oil reserves were adequate, generating the extra oil necessary to fill the gap now filled by imported oil would be extremely costly. Many foreign countries are able to produce oil much more cheaply. Besides, accessing the additional U.S. reserves would require many years of research and development. Is CBD oil legal in your country? Contribute and help us build the ultimate country guide of legality of cannabis and CBD around the world. You can, but it is on your own risk 🙂 If the information is correct, from 20th (or 21st) of January 2020, CBD oil will be legal in Australia (sell, buy, export, import). 21/11/2019 at 13:51 . Reply. Other developing countries produce quantities of industrially valuable minerals, like oil or iron ore, that their own economies are too small or not yet industrialized enough to use. For many developing countries, exports also serve the purpose of earning foreign currency with which they can buy essential imports—foreign products that they are not able to manufacture, mine, or grow at home.