U.S. Refiners Reap Rewards From Latin American Fuel Shortage
- From Brazil to Mexico, $36.4 billion in projects were shelved
- U.S. refiners are operating at the highest rate since November
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The Latin American refinery bust has proved to be a boon for U.S. fuel makers.
From Brazil’s Petroleo Brasileiro SA to Mexico’s Petroleos Mexicanos, state oil companies have failed to complete nine worth at least $36.4 billion that would have supplied 1.2 million barrels of gasoline and diesel daily. U.S. refiners have stepped up to help fill the gap, with exports almost doubling in the past six years, according to the U.S. Energy Information Administration.