Mexican News
The latest news from and about Mexican issues.Tuesday, June 17, 2008
Motorists Crossing Border For Cheaper Gas.
KTLA, June 14, 2008 - “Despite violence in the streets and long waits at the border, some California motorists are heading to Tijuana to fill up their tanks and save 45 percent on the cost of gas, and 56 percent on diesel. Pemex, the nationally-owned monopoly, subsidizes the cost of gas and oil at gas pumps across the Republic of Mexico. One gallon of regular-grade gasoline, 87 octane, sells for about $2.54 in Tijuana, the San Diego Union-Tribune reported.” Read more.
Green Industry Maquiladora Unveiled.
La Prensa San Diego, June 13, 2008 - “n this US election year, politicians of all persuasions talk about “green” jobs as the wave of the future. But while the US whittles away time in making the inevitable transition to a fossil fuel-free economy, German investors on the Mexico-US border now have a jump-start on their Yankee competitors. Ironically, to gain an edge in the emerging green economy, they are taking advantage of the North American Free Trade Agreement originally promoted by the US government. At a ceremony in the Mexican White House late last week, Mexican President Felipe Calderon praised the news that a German firm, Q-Cells, will open a large solar cell factory in the Baja California border city of Mexicali.” Read more.
Friday, June 13, 2008
High oil: NAFTA’s trump card.
Financial Post, June 12, 2008 - “The global economy is now tripolar and growth is driven by three roughly equal major economic engines: North America, Europe and Asia. However, high commodity prices threaten to slow Asia and Europe’s economies. North America is a different matter and a NAFTA energy policy could benefit all.” Read more.
Mexico minister tight-lipped on Saudi oil talks.
Reuters, June 11, 2008 - “Mexico is aware of the pressure high oil prices are putting on producer nations, Energy Minister Georgina Kessel said on Wednesday, but gave no indication whether she would attend a Saudi Arabia meeting on supply. Non-OPEC member Mexico, the world’s No. 6 oil producer, is straining to keep production steady and has lowered its output estimate for 2008 to 2.9 million barrels a day from 3.0 million as yields wane at its Cantarell field.” Read more.
Wednesday, June 11, 2008
Mexico rethinks fuel subsidies.
Calgary Herald, June 8, 2008 - “Mexico’s subsidies for domestic fuel are taking a growing share of government revenue, increasing the urgency for Congress to reform the state oil monopoly, said Dionisio Perez-Jacome, deputy finance minister for the budget. President Felipe Calderon’s initiative to give state oil company Pemex more leeway to hire private companies for production and refining would reduce the cost of subsidies by enabling Mexico to produce more of the gasoline it consumes, Perez-Jacome said.” Read more.
Mexico’s missing $3 billion: The mystery over Pemex.
International Herald Tribune, June 5, 2008 - “Call it the case of the missing $3 billion. The price of oil keeps climbing and Mexico exports oil. When that happens the government should earn extra money from the state oil monopoly, Pemex. But this year - so far at least - the government says there is no oil windfall money to hand out. The recent announcement by the Finance Ministry got the opposition up in arms. Politicians declared that the technocrats at the ministry were manipulating the numbers and demanded an explanation.” Read more.
Mexico, an Oil Producer, Hasn’t Benefited From Soaring Prices.
NY Times, June 7, 2008 - “Mexico is the world’s sixth-largest oil producer, and the steady climb in the price of oil has reached record highs. The soaring prices should have generated $3 billion above budget estimates for the state oil monopoly, Pemex. But now the government says that windfall just is not there. The recent announcement by the finance ministry angered opposition politicians, who declared that government technocrats were manipulating the numbers.” Read more.
Will Mexico’s Drug Wars Hurt Business?
Business Week, June 8, 2008 - “President Felipe Calderón’s efforts to eradicate Mexico’s powerful drug cartels have unleashed a bloody turf war among competing traffickers. If the violence gets much worse it could strike at the heart of the Mexican economy as foreign and local investors think twice about risking their capital in the crossfire, industry leaders and analysts fear.” Read more.
Thursday, June 05, 2008
Mexico Needs Reforms.
Latin Business Chronicle, June 3, 2008 - “Felipe Calderón, who began his single sexenio (six-year term) as President of Mexico in December 2006, has made significant progress in the fight against narcotrafficking, but Mexicans are still waiting to see whether his government will successfully challenge the private- and public-sector monopolies and duopolies that dominate huge portions of Mexico’s economy. These combines—in energy, telecommunications, construction, food production, broadcasting, financial services, and transportation—have long been a drag on competitiveness and job creation. Notwithstanding Mexico’s membership in the North American Free Trade Agreement (NAFTA), this ‘roping off’ of large sectors of the Mexican economy to benefit politically powerful rent-seekers has the same practical effect that traditional protectionist trade barriers have.” Read more.
Mexico Pemex urges law to help deep-sea drilling.
Guardian [UK] Business, June 3, 2008 - “ Mexico’s state oil company urged lawmakers on Tuesday to approve an energy reform to spur on deepwater production after a key opposition party threatened to water down the government proposal. Carlos Morales, head of exploration and production at oil monopoly Pemex, said that going after crude oil in the deepest parts of the Gulf of Mexico was crucial to maintaining output levels as Mexico’s largest oil fields decline.” Read more.
NAMI publishes a monthly e-newsletter of trinational and organizational news. If you would like to keep up with NAMI, trinational issues and NAMI's exclusive events, click here to sign up today.
