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The US oil boom and rising refining capacity in North America and the Middle East, in particular, is putting pressure on already tight refining margins around the world. As far as Latin America is concerned, cheap energy costs in the United States, coupled with a lack of new refining projects in the region, will essentially ensure continued dependence on imports of refined products from the north. There are numerous refinery projects in the pipeline in the region, but energy sovereignty will come at a high cost.
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