Where does all that Mexican oil revenue go?

[yinkaafrica]

[yinkaafrica]

1. They have lots of oil, right?

Is the money funneled off by the US?

[gumby]

2. Same place as the U.S. Treasury

$$$$$$$$$

[yinkaafrica]

3. But who ends up with it and how do they spend it?

I would think that could help lift them out of poverty

[punpirate]

4. From what little I know about it...

... currently, PEMEX, the Mexican national oil company, is badly debt-ridden and suffering from lack of capital for further exploration, poor productivity, dwindling reserves and mismanagement.

One report said it would have to sell 95% of its assets to meet its current debt obligations.

Of course, that could all translate to a siphoning off of revenues. It could also mean that its revenues are low enough that it can't do much more than pay the interest on its debt.

Cheers.

[yinkaafrica]

5. Sounds like they run PEMEX like they run their prisons

[illflem]

6. A lot goes to paying Mexico's massive external debts

they also spend a lot on developing tourism. Keeping up with the rapidly growing population with new schools, hospitals, etc also eats up a chunk. While I'm sure a lot is lost to corruption you also have to consider that the majority of Mexicans don't pay any taxes at all.

[yinkaafrica]

7. Good points

that all makes sense

[UTUSN]

8. Without (My) Knowing Any Specifics, the Endgame Is

a tiny percent of the whole population has a vast amount of the disposable income.