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.
- U.S. oil exports spike – and most of it comes to Canada | Globalnews.ca
- Mexico eyes foreign investment as Senate approves energy reform bills – The Globe and Mail
- Mexico’s energy reform brings opportunity, challenges – San Antonio Express-News
- Viewpoints: The bonds between California and Mexico will only grow stronger – Viewpoints – The Sacramento Bee
- Mexico Courts Canada’s Energy Sector — Investing Daily