“Once. Only this year. Later on, that’s their problem”: Finance Minister. It doesn’t help that $3.4 billion in fuel was stolen in 2018, including by insiders. Crackdown now underway.
US rating agencies pressure Pemex and the new Mexican government. But Pemex is too big to fail.
Here’s how a soon-to-be bankrupt company that’ll default on all its debts can still borrow $5.5 billion.
Just what the crude oil market needs.
California’s rate payers & taxpayers likely on the hook, as we know from PG&E’s first bankruptcy in 2001.
“It’s not easy to distribute and sell the pilfered contents of 600 pipelines each and every day.”
After the blood has been let, the feeding frenzy subsides, which is also brutal.
Because greater fuel economy for cars is toxic for the oil industry.
But look how the bonds got manipulated up 24% in one minute at the close.
With perfect timing as the new government embarks on restructuring Mexico’s oil industry.