Posted on 06/06/2008 10:23:47 AM PDT by 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.
(Excerpt) Read more at iht.com ...
Did you hear?
The chic Casa Magna resort bold-faced names patronize (once the home of drug lord Pablo Escobar)
was “foreclosed,” following a daylight raid.
Seems Casa Magna ran into some problems with the “altruistic” Mexican government involving a land dispute. People appeared out of the woodwork with papers giving them temporary occupation.
One guest staying at Casa Magna the weekend it was seized ——there for a friend’s wedding at the hotel-— was scared for her life.
Seems the ‘Mexican Mafia’ had taken back Casa via armed men and helicopters landing on the beach in front of the hotel.
They allowed American guests to stay but the Mexican staff fled the scene.
Just another day in the hundrum drug trade down in ol’ Mehico.
Yawn.
They became rich making that rooster hot sauce—http://en.wikipedia.org/wiki/Huy_Fong_Foods
Thanks for the link. That stuff is great. Glad to see it’s US-made.
I’m throwing out all products I bought in Chinese markets after the many poison scares. God knows what’s in them.
I posted to you earlier that they were using cardboard in dumpling fillings. Gag.
Have a good time.
Better back bulletproof vests, night vision goggles, and a couple long range missiles-—along with suntan oil and morning-after pills——to protect yourselves for ALL possibilities.
It was spent buying “Racetrak (insert your local full-serve 7-11 quickie storename here)” Mochachinos for the soldiers each morning throughout the nation before the go to do battle with the Americanos Gringos Terriblos.
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