Which revenue channel of the Mexican economy is the bigger one for the time being, oil or US stationed labor?
Well there are an est. 12 million illegals......at a minimum, figure $5 X 8 X 6 =$240. They could easily send home 1/2..... $120 per week X 52 = $6240 per person. $6240 X 12,000,000 = $74,880,000,000. Illegals provide the Mexican economy with $74 billion dollars. [That's assuming all illegals are Mexican which is unlikely]
In 2004, Pemex provided $33 billion [$55 billion X .60]. Since 2004, the price of oil has gone up by 50% from $40 to $60 per barrel so that Pemex annual revenues are probably closer to $110 billion. Assuming Pemex still pays 60% of that to the gov't....Pemex's annual contribution is now $66 billion.
$74 billion > $66 billion
Now do you understand why Mexico diligently guards its southern border with Central America and does nothing with regards to its border with America? Their el presidente's name is Foxe........and a fox he is. Meanwhile the average 'el stupido Americano' thinks he's getting a good deal.......robbing those Mexicans blind.
Pemex May Be Turning From Gusher To Black Hole
Mexico's oil giant forks over so much money to the state that it's deeply in debt, and a price drop could set off a crisis
World oil prices are at near-record highs, and Mexico is pumping and exporting more crude than ever before. The country is the world's seventh-largest oil producer and one of the top three suppliers to the U.S., up there with Canada and Saudi Arabia. Yet state oil monopoly Petróleos Mexicanos (Pemex), a giant with $55.9 billion in revenue, is hardly thriving. Indeed, in recent years the company has only been able to make ends meet through massive borrowing, so that it now owes a staggering $42.5 billion, including $24 billion in off-balance-sheet debt. Why? Because Pemex is the Mexican government's cash cow. The state-run company pays out over 60% of its revenue in royalties and taxes, and those funds pay for a third of the federal government's budget. If oil prices drop or there are no major new discoveries of crude, that could spell big trouble for Pemex -- and Mexico's finances.
continued...............
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