Thread: Mexico warns of energy crisis without overhaul

Mexico warns of energy crisis without overhaul

By Jason Lange
REUTERS

11:26 a.m. May 8, 2008

MEXICO CITY – Mexico, a key supplier of crude oil to the United States, will suffer a severe energy crisis within a decade unless its huge but troubled oil sector is overhauled, Energy Minister Georgina Kessel said Thursday.

Kessel urged lawmakers to approve a government proposal to reverse a drop in crude output by letting private companies have a bigger role in the state-run oil industry.


“If we don't do anything, Mexico will face a severe energy crisis before the next presidential administration ends (in 201,â€

Critics say it would violate a constitutional ban on allowing private companies to share profits in oil production

The ignorant can't see that they could increase their revenues even if they had to share some, because of the increase in production and discovery. This is what Socialism creates, a giant mess.