Mexico's missing $3 billion: The mystery over Pemex

International Herald Tribune ^ | June 5, 2008 | Elisabeth Malkin

[Donald Rumsfeld Fan]

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.

The spat over the missing oil windfall is about more than government largesse, although that is certainly part of the issue. Under the law, a percentage of extra money from high oil prices is distributed to state governors to spend on public works. Opposition parties govern most of Mexico's 31 states as well as Mexico City.

But there is a larger issue at play. Congress is in the middle of two months of public debate over a government proposal to overhaul Petróleos Mexicanos, as the state oil company is formally called. Oil reserves and production in Mexico, the world's sixth-largest oil producer, are declining.

----snip----

The windfall is calculated based in part on what Pemex earns over that estimate.

In the first quarter, the price for Mexican oil averaged 40 percent more than the budget's estimate, a jump that should have delivered an extra $3 billion to the Treasury. But declining production meant that Pemex exported almost 12 percent less crude than Congress estimated when it passed the budget last year.

[Donald Rumsfeld Fan]

Don't you just love these pathetic Nimrods.

[Ron in Acreage]

And our asshole HS Chief Michael Chertoff was chiding the GOP yesterday for not forking over $500,000,000 dollars for Mexican drug intervention. To the Mexican feds!

[17th Miss Regt]

No mystery. It was stolen by the officials. It is a way of life in Mexico.

[End Times Sentinel]

If I didn't know better, I'd say there was some corruption afoot.

But, this is mexico, so there must be some logical, above board explanation.

Owl_Eagle

If what I just wrote made you sad or angry,
it was probably just a joke.

[hosepipe]

The Mexican government are Drug Cartels.. Duuugh..
UNaccounted money is standard procedure..

[Donald Rumsfeld Fan]

If I didn't know better, I'd say there was some corruption afoot.

But, this is mexico, so there must be some logical, above board explanation.

It's actually stupidity, ignorance and gross incompetence. Typical of socialists.

The Finance Minister's numbers are correct. But the opposition (ignorant leftists) don't believe him.

[2harddrive]

In Mexico they are so crooked, that exiting PRESIDENTS even steal the light bulbs and toilet paper rolls out of the presidential mansion!

[Liberty Valance]

Looks like the FOX made out well in the hen house ....again.
Quelle surprise!

[socialismisinsidious]

- the government says there is no oil windfall money to hand out.

Silly, of course the Mexican government doesn't have the money to hand out...they don't have it in their hands. It's in pockets, under beds, in freezers, off shore accounts.....

[E. Cartman]

FTA:"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.

And natonial "leaders" from Teddy Kennedy to Jorge Bush wonder that we DON'T want closer ties with Mexico.

[Liz]

Mexico's missing $3 billion? If I didn't know better, I'd say there was some corruption afoot. But, this is mexico, so there must be some logical, above board explanation.

Yeah, true.

One "above--board" explanation----the money got stuck in the dashboard of a mexican official who was driving illegals across the border to set up drug cartels in US cities and register to vote.

[Liz]

..... the government says there is no oil windfall money to hand out...........
Silly, they don't have it in their hands. It's in pockets, under beds, in freezers, off shore accounts.....

Oh please, they put it in the ONLY logical place that was available,
then shipped it as foreign aid to that primitive tribe that just surfaced in the Brzilian Rainforest.

[SwinneySwitch]

Pemex ping!

If you want on, or off this S. Texas/Mexico ping list, please FReepMail me.

[SwinneySwitch]

Au contraire, mon ami.

Tabasco sauce is made at Avery Island in Louisiana.

www.tabasco.com

[Liz]

Thanks.

This is a fun thread-—that was my contribution to the fun. They sure use lotsa hot sauce south of the border. Seems Tabasco is the only brand available in gallon size.

[dennisw]

What a useless nation. I can’t think of anything good from Mexico except the oil they sell us

[dennisw]

Chinese also love Tabasco. Only place I ever see the larger size bottles is in Chinese food markets

[TADSLOS]

and Bush wants to give 1.4 Billion to Mexico to fight the drug cartels...insanity.

[glaseatr]

What a useless nation. I can’t think of anything good from Mexico except the oil they sell us.

All inclusive vacation resorts!!!!

[Liz]

That’s interesting.

They also use sriracha, a hot chili sauce, which is dynamite——use only a dab of this, unlesss you like to feel your mouth on fire. LOL.