• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

Oil-Rich Mexico Now Imports 50 Percent of its Gasoline

According to the Petroleum Indicator of the Petroleos Mexicanos state oil monopoly, more familiarly known as Pemex, between January and July 2011, foreign gasoline purchases averaged 397,300 barrels per day, which represents 49.8 percent of the country's total consumption.

Gasoline imports also increased 11.1 percent, compared to the same period in 2010, Reforma newspaper reported. This meant increased funding for imports, as the Petroleum Indicator put the value of oil imports, of which the majority was gasoline, at a final cost of $16.871 billion, 51.9 percent more than in the first seven months of 2010.
 
In order to decrease the balance of payments issue Pemex has considered investing in the construction of refineries, but C Estrategia analyst Francisco Fernandez-Castillo observed, "Refining is not as profitable because it is a process that is much more competitive, which is one way to put it, and with much more restricted prices, both in terms of supplies as well as products. On an economic level we are not talking about an activity that is extraordinarily profitable and every peso that Pemex has will obviously first be considered for extraction and exploration rather than for refining. Especially extraction, which is the most profitable part for the country."

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News