> is it possible for oil to be cheap in America while Bangladesh experiences shortages, instead of everyone paying more?

I think the US has been ramping up domestic oil production for a while, creating an interesting situation where (global) prices are high but (domestic) supply is healthy. Prices are up at the pump in the US, but I'm not sure how much of that OPEC+ price-fixing or "risk premium".

In 2015, the US lifted its ban on exporting domestic oil. Since then, US domestic pricing has been linked to the global price.

This means that "domestic production" does not mean what you imply (which is "domestic production that must be sold in the US.") If US producers can make more money selling 100% of domestic production overseas, they will do that.

This is not price-fixing, it is the predictable outcome of a market design where US drivers bid against Asian airlines for petroleum products.

Oil is fungible. Oil producers are going to sell it to whoever pays the most. There is no law that says US oil producers have to sell it to US customers. Having domestic supply does nothing to insulate US consumers from higher prices.