Friggin Mexican Government
Ok, I was listening to NPR yesterday morning and heard a very interesting story about the nationalized Mexican oil company, PEMEX. Seems that the Mexican gov't gets about 50% of it's revenue stream from PEMEX, which they use for all of their social programs and to line the pockets of the crooked fuckers that run the country. Sadly, the Mexican gov't has announced that PEMEX has seen a dramatic decrease in production over the last couple of years. (about 37% last year alone) That's to be expected since they haven't invested any of their returns into exploration or even into refining for that matter. They have no refining capabilities to speak of and ship most of the crude overseas for refining. They actually import about 40% of what they use. The proven reserves in Mexico look like they will run dry in about 10 years. That's a pretty bleak outlook for Mexico, but again they haven't invested any of the PEMEX profits into exploration or building of infrastructure for the industry that produces 50% of the gov't revenue, so I'm not weeping for them. Poor planning on your part does not constitute an emergency on mine and all that crap.
So now there is a heated debate in the Mexican Congress because PEMEX is looking for outside investors, like foreign oil companies, to infuse some capital into the company for the exploration offshore (re: off the Florida coast) and building of said infrastructure.
Now for the really fun part..........
Back in the early 20th century, during the "Democratic Mexican Revolution" when the oil industry was nationalized, PEMEX was created from the SEIZED ASSETS OF FOREIGN OIL COMPANIES!!!!!!! That's right, kids, the same companies they are now asking for help are the ones that built the oil industry in Mexico, only to have the government of that country take it by force and never pay a dime for any of the investments made by U.S. and European companies that built it in the first place.
I say fuck them and the horse they rode in on. Anyone stupid enough to bail them out deserves what they get when Mexico has gotten what it wants and runs them out again at gun point.
History just keeps repeating itself.