Mexico Cuts Government Spending By $8.4 Billion Due to Oil Price Drop The Associated Press
go to original January 30, 2015

Mexico Will Overcome Lower Oil Prices Unlike Brazil and Russia (TheStreet)

MEXICO CITY — Mexico will cut government spending by $8.4 billion this year because of a drop in revenues due to declining oil prices.

Finance Minister Luis Videgaray also said Friday the government will put on hold plans to build a high-speed rail project that has been marred by allegations of favoritism.

Mexico has seen prices for its oil fall in recent months from around $100 to $38.42 per barrel. The government relies on oil revenues for about a third of its budget.

Read the rest at EagleFordTexas.com

Related: Mexican High-Speed Train Project Suspended 'Indefinitely' (Agence France-Presse)

Related: Mexico Reduces High-Definition TV Giveaway as Oil Prices Plummet (Bloomberg)

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