Over the last three decades, oil’s importance in the Mexican economy has diminished, with energy products shrinking from over three-quarters of all exports in 1982 to less than 15 percent in 2012. Still energy’s role in Mexico’s politics has not receded, in part due to the federal budget’s dependence on the sector—taxes and royalties comprise roughly a third of total inflows into government coffers. As the Congress negotiates the secondary legislation that will set the ground rules for opening up the energy sector in Mexico, the government will have to address this dependence as well, weaning itself from Pemex’s largesse.
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What we are Reading.
- How Trump Can Make Trade With Mexico and China Work for America
- The US Trade Deficit With Mexico Has Been Flat For 15 Years | Mother Jones
- Scrapping NAFTA would knock 2.7 percent off Mexico’s GDP: U.N. commission | Reuters
- Mexico Overtakes Canada as No. 2 U.S. Exporter Ahead of Trump – Bloomberg
- Despite ill political winds, Canada should stay the course with Mexico – The Globe and Mail