Historic Reforms Change Mexico's Oil and Gas Industry

Crude oil exports received a boost when the U.S. Commerce Department made rulings in favor of Enterprise Products Partners LP and Pioneer Natural Resources, Inc. in 2014. The rulings affirmed the qualification of minimally processed natural gas well condensate as a fuel that can be exported. Exports were previously limited to refined fuels such as diesel and gasoline by a Congressional ban made in the 1970s. President Obama signed legislation in late 2015 that lifted the ban in crude exports. By 2018, the U.S. was a major exporter of refined products such as diesel, gasoline and aviation fuel (kerosene), in addition to being a net exporter of coal. In 2023, the U.S. exported approximately 10.15 million barrels of oil per day, and imported about 8.53 million barrels per day, leaving a net export of 1.64 million barrels per day, according to the U.S. Energy Information Administration (EIA). Exports are expected to rise significantly under the incoming Trump administration.

It is interesting to note that all crude oil shipped between U.S. ports must be carried on U.S.-flagged vessels, which, at a shipping cost of about $7 per barrel, tend to be more expensive that ships from other countries. Foreign-flagged tankers charge as little as $2 per barrel, making shipment from the U.S. to other countries far cheaper.

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Historic Reforms Change Mexico’s Oil and Gas Industry, Business and Industry Trends Analysis

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