Word: pemex
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...beginning, Lopez Portillo had both luck and geology on his side. When he took office, Pemex, Mexico's national oil company, had begun turning up one oil and natural gas discovery after another in the country's southern Tabasco and Chiapas states. With an output of some 2.7 million bbl. per day, Mexico became the fourth largest oil producer in the world...
...heading for trouble in any case, but last year's world oil glut brought a sudden end to Mexico's spree. As prices for crude oil began to drop around the world, Mexico stubbornly tried to hold the line. When Jorge Diaz Serrano, the president of Pemex, announced a $4-per-bbl. price cut, he was promptly sacked, and Mexican oil prices were jacked up again. Customers went elsewhere until Mexico bowed to the pressures of the marketplace. By that time, the country had lost about $1 billion hi revenue, and the drain has continued. Laments one Mexican...
...cheap in Mexico City--about 40 cents a gallon-but the Mexicans who fill up at stations run by the state-owned oil monopoly, Petroleos Mexicans (PEMEX), are greeted by signs promising not only low costs but "better schools and better Mexicans." The first underdeveloped country in the world to nationalize its oil industry, Mexico is proud that PEMEX survived a vindictive technology and equipment boycott by the major American oil firms. Today, it ranks as one of the world's largest 500 companies, and there is even talk of PEMEX competing with Exxon by selling gasoline in the southwestern...
...peasants who live in Mexico's southeast are the Mexicans closest to their nation's oil wealth, yet least likely to receive a share of it. Those living outside Coatzacoalcos, an oil boom town, complain bitterly about the arrogance of PEMEX, which can unilaterally expropriate their land. They say that the sulfur in the air corrodes the tin roofs of their shacks, and that their cows have died from drinking contaminated water. The land has become less fertile, with crop yields declining by as much as 30 per cent...
...sooner did Jorge Diaz Serrano, the head of Mexico's state-owned oil company, Pemex, announce the cut than a political storm forced his resignation. Until last week, Serrano had been one of the leading candidates in next year's presidential election...