Dry Hole of Statism

摘要

The word is out: mexico's days as a major oil producer are numbered. Oil output has plummeted-down nearly 20% in the last three years-with no end in sight. Exports will likely disappear within the next decade, which is bad news for the U.S. since our southern neighbor accounts for about one-eighth of our oil imports.rnMexico does not lack oil or gas. Pemex, Mexico's state oil company, is rife with corruption and gross inefficiencies. It's long been a haven for political patronage. President Felipe Calderon has tried to shake up this bloated behemoth by permitting the creation of private refineries and pipelines. But reminiscent of the U.S. Congress when it comes to energy, Mexico's Congress has blocked even these small reforms.