[ckilmer]

Mexico: Production in Mexico’s largest oil field peaked in 2004 and is slated to decline at about 14 percent per year. Mexico has discovered many other deep water oil fields that could offset the declining production in older fields, but does not have the funding or the expertise to develop them. All Mexican oil and gas resources were nationalized in 1938 and foreign ownership is prohibited by the Mexican constitution.

Last March, the CEO of Petroleos Mexicanos (Pemex) Luis Ramirez Corzo stated that the company needs to invest $20 billion annually for the next 20 years to maintain production. However, Pemex has invested only about half that over the past 5 years. Amazingly, as private oil companies around the world raked in record profits last year, Pemex lost $3.75 billion. Why? The chief reason is that the Mexican government loots the company to finance itself. Only a state-owned oil company can lose money when oil prices have been this high.

[joanie-f]

Your post explains, in part, why the mass northern exodus is occurring. The problem is that, when these people seek refuge within our borders, they too often refuse to assimilate, or revere that which brought them here. They eagerly transform from oppressed to parasitic.

Thanks for the access to little-known (and, unfortunetly, little-sought) information.

[Paul Ross]

Amazingly, as private oil companies around the world raked in record profits last year, Pemex lost $3.75 billion. Why? The chief reason is that the Mexican government loots the company to finance itself. Only a state-owned oil company can lose money when oil prices have been this high.

Agreed.

[azhenfud]

http://www.freerepublic.com/focus/f-news/1721707/posts

I touched on that with this post...thanks for bringing it up again.