You can't use PEMEX as a rule for "inflation". That is NOT the reason. The reason is that while Mexico has the oil, you put gasoline in your car, not oil and they don't have oil refining capacity so they pipe / send / transport a lot of the oil to Texas to refine. That puts a HUGE dollar cost in the refined gas that has to be paid in USD. They have to cover the cost. It ain't like corn grown in Mexico, processed into tortillas in Mexico, sold in Mexico. Not a closed system.
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