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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: aerosappy who wrote (90330)9/11/2007 5:24:08 PM
From: Broken_Clock  Read Replies (2) of 206178
 
I read recently that a huge proportion of Mexican citizens makes only $2/day. Something like 40% of the population. I personally believe this type on incident is only going to accelerate in Mexico. It is a mazing to me that the Oaxacan siege had gotten so little press in the US.
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Interesting Article in WSJ p. A12: "Mexican Gas Pipelines Attacked Again." For the second time in two months, the leftist guerrilla group, The Popular Revolutionary Army, claimed responsibility for an attack on Mexico's oil and gas infrastructure. Yesterday's terrorist attacks, most of which were in Veracruz in Southern Mexico, involved six detonated bombs that heavily damaged several natural gas pipelines in Mexico. The government is reporting that these attacks caused hundreds of millions of dollars worth of damages. Furthermore, the pipeline damage cut off approximately 25% of the country's natural gas supply. The Popular Revolutionary Army has claimed, in the past, that it would continue its attacks until the Mexican Government releases two of its leaders who the army claims have disappeared or been kidnapped. Bottom Line: At a time when Mexico's oil production is declining rapidly due to natural production declines in the country's Cantrell Field, the country can ill afford to spend "hundreds of millions of dollars" on repairing pipelines from terrorist attacks. The ultimate result of the continued unrest in Mexico will be less capital spent on exploratory drilling and even more rapid production declines in the coming years.
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