Mexico's Obsolete Oil Nationalism
Mexico's belief in the sanctity of state control over energy has set the country's oil business back several decades. Oil output has declined by a quarter since 2004, and the country's oil reserves have fallen 41 percent over the past 13 years. The U.S. shale-oil revolution is an example of what is possible by embracing top-notch technology. But last week, when the National Action Party, or PAN, announced an energy-reform proposalmany Mexicans reacted with knee-jerk rejection. Such a response shows they don't understand what's at stake.
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