TO MEXICANS, state ownership of their oil is a bit like gun ownership in the United States—steeped in history. To clear the historic hurdles, he niftily dressed up the reform proposal as a return to the regime that prevailed after Mexico’s patriotic hero, President Lázaro Cárdenas, seized the oil industry from foreign hands in 1938. Few will be fooled, however, into thinking that he shares Cardenas’s nationalist convictions. In fact his intention is nakedly economic. It starts from the premise that Mexico is running out of easy-to-access oil in the shallow waters of the Gulf of Mexico. Pemex, the national oil and gas monopoly, has neither the funds nor the expertise to take advantage of the shale and deepwater deposits that have proved so bounteous across the border in the United States. So it needs partners. The proposal leaves ONE BIG QUESTION UNANSWERED, however: on precisely what terms will Mexico seek to attract private investment? economist/news/americas/21583664-government-has-made-promising-start-it-may-struggle-bring-historic-reform
Posted on: Thu, 22 Aug 2013 04:46:17 +0000
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