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Price War Brewing Between Canadian and Latin American Oil
Dec. 29, 2014 08:14AM PST
Oil and Gas InvestingCanadian crude oil is looking to muscle in on the U.S. Gulf Coast, an area traditionally served by Latin American oil companies from Mexico and Venezuela.
Canadian crude oil is looking to muscle in on the U.S. Gulf Coast, an area traditionally served by Latin American oil companies from Mexico and Venezuela.
According to Bloomberg:
The Canadian supply will square off against crudes from Mexico and Venezuela that have traditionally fed refineries along the Texas and Louisiana coasts. State-owned Petroleos Mexicanos widened its discount for U.S. buyers in December by the most since August 2013. Valero Energy Corp. and Marathon Petroleum Corp., which invested in special equipment to refine heavy crude, stand to gain the most from the Canadian supply.