by Daniel J. Graeber
Washington (UPI) May 28, 2013
Though it's still the third-largest source of foreign crude, imports from Mexico are at their lowest levels in a decade, the U.S. Energy Department said.
The U.S. Energy Information Administration, the statistical arm of the Energy Department, said the United States imported 850,000 barrels of oil per day from Mexico last year, the lowest level since 1993.
The trend has developed in part as a result of increased production from shale reserves areas in the United States. Coupled with declines in Mexican oil production and exports to the United States are down 47 percent from 1993, EIA said.
On the other hand, increased U.S. oil production means exports of petroleum products to the Mexican market have increased 152 percent in the same period and most of that has been in the form of motor gasoline.
The Mexican government in December enacted legislation that ends the 75-year monopoly for state-owned oil company Petroleos Mexicanos in an effort to erase a legacy of declining oil production.
EIA in its country profile for Mexico says it has 10 billion barrels of crude oil reserves and is one of the 10 largest producers in the world.
All About Oil and Gas News at OilGasDaily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.|