A tanker truck waits at the storage and dispatch terminal of Petroleos Mexicanos , Mexico's state-owned oil company, in the port of Veracruz, Mexico.on June 22, 1981, had the playful title “Eclipse of Mexican Light.” The title referred to the decline of Mexico’s light-grade crude oil, known as “Isthmus,” and the parallel rise of the heavy grade “Maya” crude oil.
What happened next tells us about what’s wrong with Mexico’s oil industry today: Mexico’s president intervened. Pemex CEO Díaz Serrano was sacked and the discount was rescinded. In the next 60 days, Pemex would lose customers for 1 million daily barrels. Move forward 30 years from 1990: Mexico’s president, Andrés Manuel López Obrador , has committed Pemex to eliminate crude exports by 2024. The president is trying to make a virtue out of a half-century of failed oil policy.
In 1938, Mexico’s last military president expropriated the assets of the foreign oil companies, ignorant of the deep truth that the exploration side of the oil business is a global communit, a community that Mexico had rashly left. What lawmakers failed to do, however, was to cut the cord of authority between the president of Mexico and the administration of Pemex. AMLO, elected in 2018 for a six-year term, seeks to restore as much of Pemex’s former monopolistic control of oil markets in Mexico as he can by regulation, intimidation and bravado.
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