Mars Sour, the benchmark for sour U.S. Gulf Coast grades, was trading at a $1.05 premium to U.S. crude futures on July 1.
Even for the leanest, meanest oil and gas producer sitting on the best assets in the land, fate hinges on the nature of the recovery.
Crude oil inventories also hit another record high on the U.S. Gulf Coast, where the bulk of the nation's refining capacity is located.
Demand for energy storage has soared as the COVID-19 pandemic crushed fuel demand, spurring oil producers and traders to fill storage facilities across the U.S.
The new oil price structure marks a turnaround from earlier when the coronavirus outbreak had pushed oil prices into the opposite structure, when prompt prices fell below forward prices, known as contango.
Pipelines, natural gas storage and Isthmus Corridor project are included.
API said U.S. investors have faced difficulties getting permits in Mexico for fuel stations, storage facilities, imported fuel and terminals.
In Houston, Lina Hidalgo, senior official for the county that includes the city at the heart of the U.S. oil industry, said "we may be approaching the precipice of a disaster."