04/19/2018 Oil Price
Mexican oil is hemorrhaging money thanks to gasoline-guzzling cartels, seafaring pirates, and widespread collusion within their own ranks. While this is nothing new for the oil-rich but security-poor nation, the problem is now worse than ever, with state-run Pemex losing over a billion and a half dollars a year to thieves.
This month, Pemex released a report including the staggering figure of $1.6 billion–the amount of money that they are losing annually to fuel theft. In the first two months of this year alone, fuel thieves (locally known as huachicoleros) drilled 2,274 illegal taps in Pemex pipelines. This is a staggering 38 percent increase from the same period in 2017, and, even more incredibly, 352 percent more than the same period just four years ago.