December 22, 2016: US refiners cash in on Mexico's record fuel imports. Data points:
- let's start with this: the world's fourth-largest consumer of gasoline
- car sales? September, 2016: car sales increased 18% year-on-year, to a record 1.2 million units for the month
- US shipping record volumes of fuel to Mexico; transportation costs practically "nil"
- Mexico failed to expand its refining network to meet fast-growing economy
- fuel trade could top one million bopd at times in 2017
- Mexico becoming increasingly dependent on the US for energy
- refiners cashing in: Valero, MRO, Citgo
- Mexico's economy: has expanded for 27 quarters in a row but unable to increase its refining output to meet demand
- in 2016: crude exporter Mexico will be a net importer from the US for the first time as shipments of refined fuel heading south outnumbers shipments of crude heading north
- just ten years ago, the US saw net oil imports from Mexico at 1.45 million bopd
- and, for Mexico it's only going to get worse as the govt cuts funding for Pemex
Original PostCompletely off my radar scope:
- Mexico's gasoline demand growing faster than that in the US;
- Mexico's automobile sales surging;
- global glut of crude oil;
- excess gasoline to the country north of them; and,
- Mexico is suffering gasoline shortages and long lines at gas stations.
But bad editing ...