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refining exports. Mexico and Central America together account for 66 percent of all US exports to Latin America. Figure 12: US Exports of Refined Products to Latin America 2010 Central America & Caribbean 30% Mexico 36% Brazil 10% Southern Cone 8% Andean countries 16% Source: US Department of Energy A decade of petroleum policies The last decade started with very low oil prices, but these rose rapidly as the global economy recovered from the short-lived recession of 2001. Prices reached historic highs in 2008 and again in 2011. The drastic fluctuations had profound geopolitical impact, not just in Latin America but globally. In Latin America, price surges prompted: i) the ascendency of resource nationalism; ii) the revitalization of national oil companies; and iii) the development of new geopolitical alliances. 12PDF Image | Infrastructure and Environment Department
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