Mexican National Oil Monopoly in Crisis-(another government run miracle)

ap ^ | Saturday March 17 | ap

[Flavius]

Mexican National Oil Monopoly in Debt Crisis on 69th Anniversary of Its Expropriation

MEXICO CITY (AP) -- Depleted reserves, crumbling pipelines, outdated technology and billions of dollars in debt. It doesn't seem much to celebrate when Mexico commemorates the 69th anniversary of the nationalization of its oil monopoly Sunday. In fact, energy experts say Mexico's oil industry needs to launch a rapid rescue plan and stop looking back to its storied past. Government leaders and executives at Petroleos Mexicanos, or Pemex, have been warning about the problems for years. But they haven't taken much action, in large part because the state-owned company is viewed as a national treasure. When it was nationalized in 1938, Mexicans celebrated in the streets and even donated their jewelry to help pay for the state takeover. Since then, the state-run company has been the government's biggest source of income and Mexicans are wary of any changes to its operation that could be seen as a threat to Mexican sovereignty. But problems abound. The company's main shallow-water Cantarell oil field off the Gulf coast is slowly running out of oil, while the company struggles with leaky pipelines that have led to spills and explosions, debt and pension obligations totaling upward of US$100 billion (euro76 billion), and a lack of technology and money to fix those problems.

[Flavius]

no more eh, socialism for oil

[raybbr]

Want to bet Jorge sends in monetary relief?

[Flavius]

they probably short on workers, apparently they all left

[alnitak]

The company's main shallow-water Cantarell oil field off the Gulf coast is slowly running out of oil,

Not quite. It's collapsing at about 15% per annum. The Mexican government takes about $70billion per year from Pemex to fund its social problems. You can imagine the mess that is going to hit Mexico in the next 5 years when there's no more oil money. Best start building that fence, guys.

[Jedi Master Pikachu]

A new pinglist, so if you're interested.....

	pan-Latin America pinglist.* This pinglist covers a broad range of topics relating to Latin America: culture, current events, politics, science, history, arts, etc. Warning: This could be a moderate/high volume pinglist. Note: This pinglist generally does not cover topics pertaining to Latinos in the USA. Ping if you see a pertinent thread.
*To get on or off this list, freepmail with the subjects Latin America on or Latin America off . No message is necessary. Freepmail.
There is also a: pan-Africa pinglist; pan-Asia pinglist; and a pan-Europe pinglist. John 3:16 (New King James Version): "16 For God so loved the world that He gave His only begotten Son, that whoever believes in Him should not perish but have everlasting life."
This pinglist can terminate at any time, without notice.

If you have something to type (say) about these pinglist signs: they're too garish, too big, they don't easily come up on your computer, they're so butt ugly that they're burning out your retinas..... or even that you think they look decent, then go here and look AT ALL OF THEM, and vote. A prototype "slimmed down" version has been made for the Latin America pinglist.

Don't wish for all of freeperdom to be angry and not type (say) anything about it.

[holyscroller]

"Not quite. It's collapsing at about 15% per annum. The Mexican government takes about $70billion per year from Pemex to fund its social problems.

I'm amazed. I thought Mexico shipped all their social problems North for us to pay for.

[tanuki]

"Storied past"? You mean when they actually had oil to pump?

[alnitak]

Sorry, typo! Should have read "social programs".

[Jedi Master Pikachu]

Whoops.

ping.

[encm(ss)]

"social programs" "social problems" same thing. It's still the failure of Socialism in action.

[janetgreen]

The decider will bail his Mexican amigos out, at our expense.

[Proud_USA_Republican]

The oil monopoly continues to make up 40% of the entire mexican economy and has been a major contributor to the corruption and lack of job growth in Mexico for a very long time.

Morons.

[Cacique]

btt