With the United States poised to become the world’s leading producer of liquid petroleum products, now is the time for the U.S. to allow crude oil exports to Mexico. We have the type of crude Mexico wants to import, and if they don’t import it from the U.S. they will import it from elsewhere. Certainly the United States would benefit from the flow of money back into our economy instead of allowing other countries to claim the profit.Mexico, a major supplier of heavy grade crude oil to the United States, has publicly stated their desire to import lighter grades of crude oil to improve the efficiency of their refinery system. In the U.S., we produce abundant quantities of the types of crude that Mexico needs. Jose Manuel Carrera, CEO of PMI, Pemex’s oil trading arm said, “Our objective is that (crude imports) will begin this year,” potentially up to 70,000 barrels per day (today valued at just under US $2 billion per year). If the ban were to be lifted, Mexico could import from the U.S., but with the ban still in place, they will likely buy the crude they need overseas.It makes no sense for Mexico to import crude oil from across the Atlantic when much of the supply they need is just across the Rio Grande. And, it makes no sense for the U.S. to ignore the opportunity.via Open US crude oil exports to Mexico | TheHill.
About The Author
Federico F. Peña: It’s Time to Tango: The Case for a Reinvigorated Western Hemisphere Energy Strategy
April 17, 2012
August 31, 2012
- The United States and Mexico: Building and Designing Things Together – Forbes
- Made in Mexico: An emerging auto giant powers past Canada – The Globe and Mail
- How to Boost Border Competitiveness? Just Ask the Folks There.
- How Will Mexico’s Economy Perform in 2015?
- It’s Time To Reset U.S.-Mexico Relations – John M. Ackerman – POLITICO Magazine