The damage has been done.
Evidence that Mexico’s economy will deteriorate in the years ahead. Not only will oil be hovering at prices well below many countries (including Mexico) had forecast, and at the same time, if a country’s resources is also deteriorating, the result cannot be good.
http://www.laht.com/article.asp?ArticleId=321149&CategoryId=14091
Mexico produced an average of 2.81 million barrels of crude oil a day during the first 10 months of this year, down 9.6 percent compared with the same period of 2007, Petroleos Mexicanos said.
The state-owned energy company said in a statement that this fall was primarily due to a decline in production at Cantarell, its main field, located in the southern Gulf of Mexico. Between January and October, Cantarell produced just 1.04 million barrels per day, down 31 percent from the same period last year.
Unfortunately, this will also lead to protectionalism (a word, you’ll be hearing all over the headlines in the years ahead).
