A series of nine drops in Mexico’s crude oil prices in the last month has resulted in the lowest price since 2008. Analysts say the major factor in this dramatic drop is the excessive supply of crude in international markets. In the United States, production has jumped from 4.2 to 487 million barrels in the last week alone. Given that Mexico relies heavily on income from the state-owned oil company PEMEX, the plunging oil prices are negatively affecting public spending, prompting cuts in the recently announced 2016 budget in education, scientific research, and agricultural aid. Clayton Conn reports from Mexico City for teleSUR.