Mexican Oil Prices Drop Precipitously

The Mexican Peso fell 20%

According to El Economista (click here) Mexican oil prices fell more than 22% yesterday, landing at just $14.54 (US) a barrel.  This is the lowest price in 18 years.  West Texas Intermediate oil prices--on which Mexican prices are pegged--bounced back today from a low of $20.37 yesterday to over $25 per barrel.  The Mexican peso fell yesterday from 20 to to about 24 pesos to the US dollar.