Mexico Opens Oil and Gas Sector to Outside Investment
Even Joe Biden would agree: this is a pretty big flipping deal. To recognize how big, you need to understand that Mexico commemorates the anniversary of the day it nationalized its oil fields and threw the Norte Americanos out as a national holiday. The national oil company, Petroleos Mexicanos (PEMEX), is a great source of national pride and a cash cow that funds the country’s | Read More »
Congress should rein in the Export-Import Bank
Another sign of the blatant cronyism involving the Export-Import Bank emerged this week.
First Solar, a solar panel manufacturer, is by most standards a failing company. It suffered a net loss of $39 million in 2011, and an even greater loss of nearly $100 million in 2012. The company threw away $215 million at one point on solar panels that ended up failing at high temperatures. (A solar panel that can’t withstand heat?)
But First Solar has political connections within the Obama Administration. And it also has a trump card: First Solar is a member of the “Business Alliance,” a secret clique of corporate donors to the Center for American Progress (CAP). CAP, in turn, lobbied Capitol Hill for First Solar, without disclosing the financial support it receives from the flailing solar energy company:
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Does The Ayn Rand Novel End In Mexico?
Government “help” to business is just as disastrous as government persecution… the only way a government can be of service to national prosperity is by keeping its hands off. – Ayn Rand (HT: Brainyquote) Mexico, it seems, has encountered yet another self-inflicted problem. Their national oil company, PEMEX, has suffered for several years from declining marginal production. PEMEX enjoys a national monopoly on the extraction | Read More »