It won't be easy but President Pena-Nieto keeps working on PEMEX reforms.
Allan Wall recently posted an update on the situation of PEMEX:
"The Mexican Constitution (Article 27) guarantees PEMEX's privileged position, a monopoly over the oil industry, from exploration to the sale of gasoline at the pump."
The problem is that Mexico does not have refineries or the funds to drill for more oil. It needs "fresh capital" or it will be "....a net importer of oil by 2020."
PEMEX has been around since the 1930's. It is a staple of Mexican sovereignty and political rhetoric. However, PEMEX has actually made Mexico more dependent on the US because of a lack of refineries and capital to develop energy sources, including natural gas.
Click here for Tuesday's show with Allan Wall:
Popular Politics Internet Radio with Silvio Canto Jr on BlogTalkRadio
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