• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 7 hours EU has already lost the Trump vs. EU Trade War
  • 59 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 13 mins Science: Only correct if it fits the popular narrative
  • 3 hours ''Err ... but Trump ...?'' *sniff
  • 39 mins China's Renewables Boom Hits the Wall
  • 59 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 6 hours Tesla Launches Faster Third Generation Supercharger
  • 15 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 7 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 5 hours Crazy Stories From Round The World
  • 1 day Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire

Breaking News:

Russia Plans To Boost Crude Oil Exports

OPEC Is Desperate For A Trade War Resolution

OPEC Is Desperate For A Trade War Resolution

OPEC’s Secretary General is desperate…

Mexican President Warns Retailers: Keep Gas Prices In Check

Pemex tank truck

The Mexican government may consider creating a small network of gas stations that would sell gasoline at lower, “fair prices”, if gas station operators in the country don’t keep gas prices in check, Mexico’s leftist President Andrés Manuel López Obrador said on Tuesday.

López Obrador—in office since December 1, 2018—called on gas station operators in Mexico to sell gas at lower prices by cutting their profit margins, Reuters quoted the Mexican president as saying at a regular news briefing on Tuesday.

The government will publicize which gas stations in Mexico sell gasoline at the lowest prices, said López Obrador.

“If this doesn’t work... to reach our goal of no price increases, we would consider creating a network of gas stations... enough so that stations sell at fair prices,” Lopez Obrador said at today’s briefing, as carried by Reuters.

At the end of last year, Lopez Obrador ordered the Mexican military to begin a major crackdown on fuel theft across Mexico, which resulted in days of gas shortages in Mexico City and other cities in the country.

Leftist López Obrador also wants a greater role for Pemex in reversing the downward trend in Mexican oil production.

Pemex’s crude oil production continues to decline—according to Pemex figures, its crude oil production averaged 1.813 million bpd in 2018. To compare, Pemex’s crude oil production averaged 2.429 million bpd in 2014, falling to 1.948 million bpd in 2017.

Related: Oil & Gas Discoveries On The Rise As Oil Majors Dive In

López Obrador and Pemex have grand plans for reversing the decline, with the government coming to the rescue of Pemex, as the oil firm itself said in December. A new strategic plan aims to guarantee “the country’s energy security and sovereignty” and targets to raise crude oil production to 2.48 million bpd by the end of this administration’s term in office—the end of 2024.

One hundred days into office, López Obrador has already cancelled upcoming oil and gas auctions and banned fracking in moves undoing his predecessor’s energy reform that opened Mexico’s oil industry to foreign investment in 2013 for the first time in seven decades.

“For all practical purposes, energy reform in Mexico is dead,” Tony Payan, director of the Mexico Center at Rice University’s Baker Institute, told Houston Chronicle’s Sergio Chapa last month.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play