Uncovering Mexico
Jeremy Schwartz is the Mexico correspondent for Cox Newspapers. He is based in Mexico City.What's on this page?
All the entries posted on April 24, 2008.
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Home > Uncovering Mexico > Archives > 2008 > April > 24
Thursday, April 24, 2008
Record oil prices mean windfall for Mexican government
With the price of oil skyrocketing, the Mexican government is set to reap some unprecedented windfalls from its state-run oil company Pemex. The cost of Mexican crude (which is always priced lower than sweet, light crude) topped $98 a barrel yesterday and experts tell the Reforma newspaper that Mexico could reap $51 billion in oil revenues this year. That is 72 percent more than the $29.9 billion the Mexican government had forecast for 2008.
So what does that windfall mean for Mexico? Officials are hoping it will offset the economic hard times leaching across the border from the United States. A common refrain here is that when the United States sneezes, Mexico catches a cold and there is great worry here that recession in the U.S. could be disastrous for Mexico.
The oil bonanza will also undoubtedly affect the raging debate here over the future of Pemex, which nearly everyone agrees is facing a crisis of declining oil reserves. The conservative government of Felipe Calderon wants to open Pemex up to foreign investment while leftist opponents fight anything with a whiff of privatization. But both sides agree Pemex desperately needs more money to fund badly needed exploration of new reserves and construction of new refineries. It will be interesting to say the least to follow the trail of the extra $21 billion.
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Do not read if hungry: the top taco al pastor
In case you missed it, the story on street food in Mexico City came out yesterday with a short slide show and video (too bad the smells don’t travel through cyberspace). The top taco I tried, hands down, was the taco al pastor at El Huequito near the Eje Central (it’s the one in the picture). Not only are the tacos and accompanying salsas delicious, but the stand is located in one of the funkiest neighborhoods off the beaten path in Mexico City. The streets around the stand are arranged by theme. For example one block is dedicated to stores selling every light fixture you can imagine; another stocks bathroom appliances, another musical instruments. The streets are also filled with street vendors specializing in classic rock bootleg CD’s and pirated television series. And across the street is a very low key artesania market.