GoM refineries cashing in

Gulf of Mexico refiners are cashing in on Mexico’s rising fuel demand and shipping record volumes to its neighbor that has failed to expand its refining network to supply a fast-growing economy. The fuel trade could top a million barrels per day (bpd) at times in 2017 as Mexico becomes increasingly dependent on the U.S. for strategic energy supplies and business worth more than $15 billion annually to refiners. The rise in Mexico's fuel imports reflects an economy that, after expanding 27 straight quarters, has been unable to increase its refining output to satisfy its energy demands. It has led to a rapid reversal in energy trade between the two countries. (Source: Marine Link 12/22/16)