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Crude war pushes gas prices down, but not in Mexico

Noé Cruz Serrano| El Universal
10:00Saturday 06 December 2014

The benefits of the oil war are reaching consumers all over the world, except in Mexico. (Photo: Archive/EL UNIVERSAL )

The last 'gasolinazo' has put the prices over the US, UK and Canada's.

The battle in the oil markets between two producers blocks is pushing prices down for the consumers, according to George Baker, from consulting company Mexico Intelligence. For example, regular gasoline in the US is selling for 2.71 dollars the gallon, its lowest level since 2010, as a result of the fall, according to data from the consulting company based in Houston, Texas.

But while Canada and the UK also saw a fall in the prices, in Mexico the situation is different.

Even if the local crude ended Friday with a fall of 0.75 dollars, ending in 59.98 dollars per barrel, the policy of “gasolinazos”, the monthly increase to the price of gasoline, applied since 2008, means that the price of regular gas ended in 13.31 pesos per liter, approximately 3.50 dollars per gallon.

On one side of the battle, according to US’ Energy Administration Agency, we have the 12 members of the OPEC, looking to maintain their daily quota of 30 million barrels per day, and on the other side nations like the US, Russia, China, Mexico and Argentina, more oriented into the exploitation of the shale crude and gas, coming from non-conventional fields.