That Ocean Fire that Demonstrates Failure of Capitalism? There’s just one thing…

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And if you hate men – why not blame them too!

THERE’S JUST ONE THING!

That fire was started when an underwater pipe owned by PeMex ruptured. PeMex brags on its website that it’s the most important company in Mexico, the largest tax contributor to the Mexican government, and one of the largest in Latin America. And that it’s:

20th In proven crude oil reserves, as country (2020 -January-)

39th In proven reserves of natural gas, as country (2020 -January-)

13th Producer of crude oil in the world, as country (2019)

1,779 Mmpc In natural gas production, as country (2019)

13th In primary distillation capacity (2018)

And it’s run by a government. We all know that the worst polluters are government entities (just look at any military base for contaminants.) And in this case the Mexican state-owned petroleum company Petróleos de México, S.A. (Pemex) is the one responsible for the fire. It was formed in 1938 by nationalization and expropriation of all private oil companies in Mexico at the time of its formation. Pemex had total assets worth $101.8 billion in December 2019 and as of 2009 was Latin America’s second largest enterprise by annual revenue, surpassed only by Petrobras (the Brazilian national oil company). The company is the 7th most polluting in the world according to The Guardian.

So, no. Not a failure of capitalism.