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.
- Mexico: Monarch Levels Rebound – NYTimes.com
- Bad neighbour policy could leave both Canada and U.S. as losers – The Globe and Mail
- Canadian Lumber Industry to Benefit From Agreement With Mexico
- NAFTA led to Mexico increasing its trade in intermediate goods, resulting in welfare and trade growth. | USAPP
- A Cheat Sheet For Obama’s 2015 State Of The Union Speech | FiveThirtyEight