it still needs to be refined, and "significantly" isn't a good word
oil prices affect people elsewhere too
anyone buying oil that is refined or drilled in saudi arabia (aka a lot) is going to be feeling it too
higher oil prices make other people nervous about their own oil
additionally, you're going to be spending more on the oil you're now buying elsewhere, even marginally. you're going to have to sell it for more or tank the loss
plus, the US oil reserves can last for a month or at the most, two. the price increase isn't aimed to be temporary; strategic oil reserves are