Mexico’s decision to open its vast oil and gas reserves to foreign investment is the latest sign that we are witnessing the redrafting of the global energy map. The energy reforms mark a defining moment for Mexico. The change could also benefit U.S.-Mexico trade, the American economy and our long-term energy security.
I was in Mexico City on business last week when the reforms passed the Mexican Congress, and the sense of history was palpable. For 75 years, the state’s oil monopoly, protected by the nation’s constitution, was also an article of faith. Generations of Mexicans were taught in school that “the oil is ours.” Touching the behemoth state oil company, Petroleos Mexicanos, or Pemex, was a third rail of Mexican politics.
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Mexico Institute 