The Economist compared Mexico’s attitude toward state ownership of oil to America’s tradition of gun ownership concluding that both are, “steeped in history.” In such cases, change is never easy. But the country’s oil reserves in the easy-to-access shallow waters of the Gulf of Mexico are running low. The state-run gas and oil giant, Pemex, hasn’t been able to muster the expertise or funding to address the problem.
So President Enrique Peña Nieto has proposed changing the constitution to allow private investment in Mexico’s oil industry. Is Mexico ready for such an historic move and what might the proposed reforms accomplish? To gain perspective on these and other questions, we spoke with Mexico Institute Director, Duncan Wood.
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