Mexican standoff on Canadian oil?
The US is a net exporter of total petroleum (crude and refined), but we’re a net importer of crude oil, much of it from Canada. “ The US is by far the largest buyer of Canadian crude, accounting for 90% of Canada's crude exports in 2025, or roughly 126 billion Canadian dollars of a total CA$140 billion. The dependence runs in both directions: Canada supplied roughly 63% of all US crude imports last year.” *snip* “Along the Gulf Coast, refineries built and expanded in the 1980s and 1990s to process heavy crude from Venezuela and Mexico were also well suited to processing Alberta's heavy barrels as Canadian supply expanded. “That refining system has created an unusual mismatch with America's own oil production. “The shale boom has made the US the world's largest crude producer, but much of its production is light, sweet oil. Many US refineries, meanwhile, are configured to process heavier crude profitably. The US, therefore, exports large quantities of domestic light crud...