When Finance Secretary Ernesto Cordero delivered his 2011 budget to Congress in early September, complaints surfaced almost immediately in the state oil company PEMEX about the size of next years proposed US$20.4 billion allocation--some 30% less than requested.The concerns once again highlighted perpetual challenges in PEMEX's finances as the federal government relies on oil revenue to fund roughly one-third of its budget, which insiders say puts the company at risk of losing money and going into debt and not carrying out new projects to stem a decline in its petroleum reserves. The concerns also highlighted the challenges PEMEX faces as lawmakers perpetually treat the company as a cash cow for funding politically popular projects and an easy source of revenue that allows them to avoid having to implement unpopular tax increases.'
Agren, David. "PEMEX Cries Poverty, Analysts Beg to Differ." (2010). http://digitalrepository.unm.edu/la_energy_notien/156