PEMEX:
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The state-owned company pays out over 60% of its revenue in royalties and taxes, and those funds pay for 40% of the federal government's budget.
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40% of the budget. If the price of crude gets cut in half but the cost of producing it doesn't change, then the actual net profits fron oil could easily get cut by 3/4.
That would mean that 40% of mexico's total revenues could get knocked down to 10%.
Can you imagine what would happen to the USA if within a matter of a couple months our total goverment revenue (income) fell by 30%?
It would make the great depression look like a little blip on the radar.