• 4 minutes Trump has changed into a World Leader
  • 7 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 8 minutes Indonesia Stands Up to China. Will Japan Help?
  • 10 minutes US Shale: Technology
  • 13 minutes Which emissions are worse?: Cows vs. Keystone Pipeline
  • 17 minutes Shale Oil Fiasco
  • 25 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 15 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 6 mins Phase One trade deal, for China it is all about technology war
  • 8 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 2 hours Might be Time for NG Producers to Find New Career
  • 12 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 15 hours Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 10 hours Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
  • 14 hours Wind Turbine Blades Not Recyclable
  • 14 hours Denmark gets 47% of its electricity from wind in 2019
  • 1 day Beijing Must Face Reality That Taiwan is Independent
Iran Regime Change Could Push To $40 Oil

Iran Regime Change Could Push To $40 Oil

It sounds counterintuitive and counterlogical,…

The U.S. Natural Gas Boom Is On Its Last Legs

The U.S. Natural Gas Boom Is On Its Last Legs

The natural gas glut created…

Oil-Rich Mexico Now Imports 50 Percent of its Gasoline

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

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