Jul 12, 2011
Mexican Economics: Mexico Energy Profile: Still Second Largest Source Of US Oil Imports
Mexico Energy Profile: Still Second Largest Source Of US Oil Imports: "The oil sector is a crucial component of Mexico’s economy: while its relative importance to the general Mexican economy has declined in the long term, the oil sector still generated 14 percent of the country’s export earnings in 2010, according to Mexico’s central bank. More importantly, the government relies upon earnings from the oil industry (including taxes and direct payments from Pemex) for 32 percent of total government revenues. Therefore, any decline in oil production has a direct effect upon the country’s overall fiscal balance."