Mexico Is Entering a Fuelmaking Revival. That’s Bad News for US Refineries

A decade-high resurgence in Mexican fuelmaking threatens to weigh on US refineries as demand from their largest fuel buyer fades, adding to worries about buildup of gasoline stockpiles in America.

Petroleos Mexicanos’ imports of gasoline and diesel fell to a 16-year low last year, according to company data. Imports declined as the state oil company operated its refineries at the highest rates in a decade. Meanwhile, the country’s largest refinery, Dos Bocas, is finally ramping up after several false starts since its inauguration nearly four years ago.