U.S. Enjoys First-Ever Oil Trade Surplus With Latin America
- Change spurred by soaring gasoline imports, led by Mexico
- Trump’s trade stance adds a level of uncertainty to future
The Flint Hills refinery in Corpus Christi, Texas.
Photographer: Eddie Seal/BloombergThis article is for subscribers only.
The U.S. for the first time is pushing more crude and refined petroleum products into Latin America than it brings back, signaling a change in the global trade map that could be tested if President Donald Trump introduces border taxes.
The scales tipped in favor of the U.S. in October, when it recorded a surplus of 89,000 barrels a day of petroleum, the first gain for the U.S. since records began in 1993, according to the U.S. Energy Information Administration. In November, the surplus grew to 184,000 barrels a day, the EIA said Tuesday. That compares to a 4.3 million barrel deficit in 2005.