The new leftist leader in Mexico. What does she know and what does she not know?
“These and dozens of other explosive accusations were detailed in a remarkable piece of investigative journalism published by the Financial Times in June—a story that shocked industry observers by revealing the sheer scale of the sophisticated operation:
“Estimates from the last five years suggest that illegal diesel and gasoline make up anywhere between 16 and 27 per cent of Mexico’s annual fuel consumption — between 172,000 and 290,000 barrels per day. That could have a final retail sale value of between $12bn and $21bn a year…
Vast organised crime networks, some connected to major drug cartels such as Jalisco New Generation Cartel, known as CJNG, are exploiting Mexican import policies and using bribes, coercion and violence to smuggle fuel from the US and flood the market with discounted diesel and gasoline. The illicit trade is now playing a key role in financing these groups, with stolen fuel becoming the most significant non-drug revenue source for Mexican cartels, according to the US Treasury’s Office of Foreign Assets Control.”
“As the scandal unfolds, it has become apparent that high-ranking government officials in Mexico must be aware of what is transpiring, and some question whether senior members of President Claudia Sheinbaum’s administration are directly complicit. If the situation is not reined in soon, the future of Pemex—and with it, the fiscal stability of Mexico itself—will be jeopardized. On the other hand, should Sheinbaum seize the opportunity to mount a true crackdown on the cartels, Mexico could finally turn the corner. Let’s dive deeper into the numbers and the scenarios developing.” Source