Cities on Mexico's Gulf Coast Are Taking Major Jobs Hit as Oil Work Dries Up Martin Markovits - CGTN America
go to original April 24, 2017

The fall of oil production in Mexico has caused cities on the country’s Gulf coast to fall on hard times. One of the places affected most is Ciudad del Carmen.

Ciudad del Carmen lost around 23,000 jobs in just the last two years. Businesses are failing and there is a sense that the city’s best days are behind it. Many of the unemployed have left in search of work.

Ciudad del Carmen’s misfortunes are part of a larger national trend affecting Mexico after the global crash in oil prices. Mexico’s oil sector has been losing billions of dollars annually. As a result, many properties in Ciudad de Carmen have been abandoned, with projections for 2017 saying the state oil company will pump less than 2 million barrels a day – the lowest in 37 years.

Mexico is now producing less oil than the U.S. state of Texas. This is a sharp difference from a couple of decades ago when petroleum was Mexico’s main export. But with the oil wells drying up, and production at a standstill, Mexico’s state oil company Pemex needs fewer workers than it did before.

Read the rest at CGTN America

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