America’s Refineries Really Need Mexican Oil. Tariffs will Hurt their Business

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Mexico is the No. 2 foreign source of oil to the United States, supplying an average of 658,000 barrels of crude a day in March to ExxonMobil (XOM), Valero (VLO) and other refiners. US Gulf Coast refiners are dependent on Mexico because the country produces heavy oil that can be blended to produce the gasoline, diesel and jet fuel that keeps the economy humming. That heavy oil is already in short supply because of the US crackdown on Venezuela.

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America’s Refineries Really Need Mexican Oil. Tariffs will Hurt their Business via @MasterMindUpdate