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Caribbean-Latin America

Credit The Fracking Revolution For Mexico's Oil Reforms That Make North America The World's Energy Superpower

2013-12-15

[IBD] Mexico has passed its biggest energy reform since 1938, opening its state oil industry to foreign investment. This now makes North America the world's oil and gas powerhouse. Credit the fracking revolution.

After a bruising battle in Mexico's congress, dramatized by howls of "treason" and leftists stripping to their skivvies in an unedifying bid to claim the country is being "stripped" of its resources, Mexico's lower house voted 353-134 to end 75 years of government control of its vast oil reserves.

The decision followed a similar vote from the upper chamber on Tuesday night.

Posted by:Fred

#12 I've heard nothing in community about increasing work in Mexico. I think alot of companies feel they have enough to do atm so why risk a Venz. type deal happening?

Posted by: Silentbrick - Schlumberger Squishy Mud Division 2013-12-15 20:11

#11 Well, if they were SMART they would, but I've never lost a bet on Mexican government stupidity. If Mexico spent one-twenty-fifth of their oil money (4%) on training Mexican citizens for the oil patch, they'd get a 10,000% return on that investment over the next 50 years. Heck, if Exxon/Mobile, Shell, Chevron, and whoever else might be interested in investing in Mexico trained locals for jobs, they'd be money ahead. However, I have very LOW expectations from this.

Posted by: Old Patriot 2013-12-15 19:31

#10 but of course they will spend it to help the grinding poverty, lack of training/skills, elevating the Mestizo class....right?

Posted by: Frank G 2013-12-15 18:58

#9 Resources flowing to the Mexican central federal government have accelerated. Posted by badanov

I sense a growing trend here as well :-(

Posted by: Besoeker 2013-12-15 17:04

#8 It's dishonest of IBD to hail the appearance of foreign investors, and not take notice of the confiscatory tax code Mexico passed only weeks before.

Posted by: badanov 2013-12-15 16:48

#7 If this brings income to the private sector of Mexico, jobs will be good and illegal immigration will be reduced significantly. Democratic immigration reform (importing Dem votes) will take a hit.

Not likely. Mexico just restructured its tax code to take advantage of foreign investors. And the municipality system will continue to rob the average Mexican blind, forcing them to flee north.

Resources flowing to the Mexican central federal government have accelerated.

Posted by: badanov 2013-12-15 16:46

#6 If this brings income to the private sector of Mexico, jobs will be good and illegal immigration will be reduced significantly. Democratic immigration reform (importing Dem votes) will take a hit.

Posted by: Guillibaldo McCoy1948 2013-12-15 16:22

#5 and "backdoor" all the software so if they go VZ on you, it all shuts down

Pay no attention to the Test And Jump instruction on line 31244.

Posted by: SteveS 2013-12-15 15:01

#4 and "backdoor" all the software so if they go VZ on you, it all shuts down

Posted by: Frank G 2013-12-15 12:31

#3 Ok, first rule for energy investment in Mexico: Make them buy all the hardware you send there right out of the gate. Call it 'co-ownership'. That way, if they later decide to go all Venezuela on you, at least your sunk costs are covered.

Posted by: ed in texas 2013-12-15 09:54

#2 Cheap, abundant energy. Brought to you by science and big business.

You're welcome.

Posted by: Iblis 2013-12-15 09:26

#1 Watch China move in. I think Ecuador is tied up now for their energy exports to China.

90%

Copper

Posted by: Dale 2013-12-15 08:28

00:00