While Mexican legislators were discussing legislation to increase oil exploration and production last July, Mexico's crude oil mix hit a record $132.71 a barrel. The government's coffers were filling at breakneck speed and, with a few exceptions, there were smiles all round.

This month, with the reforms in place and following a presidential pat on the back to Congress for a job supposedly well done, prices have plummeted; the Mexico mix at the end of last week was down to $30.52 a barrel.