Bingo...we have Hugo over a barrel so to speak. The majority of heavy crude refining capacity is done in the US. Even if Hugo wanted to cut us off, he would find no market for his oil. Right now Iran is experiecing exactly the same thing. They have declining production, a lot of what they produce is heavy crude, and demand for it as well as refining capacity is not there. Hugo is leitrally strangling his golden egg laying goose. Mexico is the same. Without foreign investment and expertise, their fields will dry up.
Ah, you just answered a question that I have been asking about Mexican crude. I hear that Mexico is swimming in oil. They have more of it than they can ship out and some US refineries that never took Mexican crude and starting to import it.
milwguy said
“The majority of heavy crude refining capacity is done in the US.”
this I did not know