Tuesday, December 28, 2010
Declining Opinions of Pemex
In the wake of the deadly explosion of the Pemex pipeline last week, BGC polled Mexicans about their opinions on a handful of issues related to the explosion and the oil giant. Many of the questions don't tell us a great deal--what can one make of, for instance, Mexicans' expectations on whether all the weight of the law will be applied in searching for those responsible for the blast? However, I was interested to see that over the past several years, opinions of the oil company have been steadily declining. For instance, in 1997 50 percent of respondents said that Pemex was an excellent or good company, 32 said it was regular, and just 15 said it was bad or awful. In 2007, 43 percent labeled Pemex good or excellent, 27 now called it regular, and 26 said it was bad or awful. Today, 34 say it is awful or bad, just 33 call it good or excellent, while 25 say it is regular. This may reflect gas prices going up more than anything, and it's also only three data points, but it could still suggest a potentially deep and growing reservoir of support for a future oil reform, which is often brushed off as politically impossible.