Mexico Has Tanker Traffic Jam as Pemex Splurges on Foreign Gasoline

More than 60 ships carrying an estimated 18 million barrels of fuel are sitting off the coast of Mexico waiting for storage to open up so they can unload -- and paying hefty fees for every day they’re forced to wait.

The majority of those vessels are carrying gasoline and diesel imported by state-owned Petroleos Mexicanos, people familiar with the situation said. With daily penalties of about $40,000 per ship charged for every day of waiting, fuel importers stuck in line are paying about $2.4 million a day in total, with Pemex bearing the bulk of it, people said.