Shrinking Oil Giant Pemex Starts 2017 on Wrong Foot

Mexico’s erstwhile ATM is running dry.

If the last two days are any indication, things do not bode well for Mexico’s fast-shrinking state-owned (but soon to be privatized) oil giant, Pemex, in 2017. On Sunday, the first day of the year, thousands of people all over the country marched on Pemex gas stations, blocked roads and picketed refineries, to register their rage at the government’s latest massive hike in gasoline and diesel prices, which has been dubbed “gasolinazo” in Spanish (roughly meaning “gas punch”).

Their anger is understandable: Mexicans, together with South Africans, currently spend more of their annual income on fuel than residents of 59 other countries tracked by Bloomberg, due largely to the country’s low salaries and high gasoline consumption

Continue reading the article at WOLF STREET

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