The state-owned company Petróleos Mexicanos, known as Pemex, was declared in accounting bankruptcy because its liabilities exceed its assets. In 2023, the Mexican government reported that Pemex made profits of 110 billion dollars, but it did not mention that it received subsidies of 315 million pesos, a figure that exceeds 2.7 times the reported profits.
On the other hand, the Federal Electricity Commission (CFE) registered a profit of 47 billion 917 million pesos in 2018, but in 2022 accumulated losses of 50 billion 671 million pesos. These state-owned companies in Mexico have been accused of impoverishing the taxpayer population while enriching the rulers, their relatives, partners, and friends linked to the bureaucrats who run them.
In Venezuela, the state-owned company Petróleos de Venezuela also faces serious financial problems, as it owes about 35 billion dollars and does not generate profits for the country, instead depending on government subsidies. The lack of transparency in managing public funds is evident, as evidenced by the inability to track 16 billion 960 million dollars in the Venezuelan oil monopoly.
In the third quarter of 2024, Pemex reported a loss of 161 billion 455 million pesos, worsening its financial situation. Corruption has been a constant in the management of state-owned companies in Mexico, negatively impacting economic growth and the standard of living of the population over the years.
The government of Mexico, under different administrations, has faced accusations of corruption and resource diversion in state-owned companies, contributing to weakening the economy and the well-being of citizens. Throughout its history, the country has experienced significant levels of corruption, harming development and prosperity.
In contrast, the absence of state control in private companies has allowed countries like the United States to enjoy higher living standards. In Mexico, the idea that state ownership guarantees sovereignty has been used to justify the plundering of state-owned companies by rulers, relatives, and acquaintances, as has happened with the CFE and Pemex.
Audits conducted by the Superior Audit of the Federation have revealed irregularities in various dependencies of the Mexican government, including Segalmex, the Maya Train, Pemex, CFE, and Felipe Ángeles airport, among others. Although the current government of Morena has been pointed out for cases of corruption, previous parties also faced similar accusations.
During the governments of the National Action Party (PAN), relatively low levels of corruption were recorded compared to PRI and Morena administrations. However, corruption has been a persistent problem in Mexican politics, negatively affecting society and the country's development over the years.
