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A Petróleos Mexicanos oil refinery in Minatitlan, Mexico. The company halted production of about 600,000 barrels a day, citing storms around the Gulf of Mexico. (Gustavo Graf/Bloomberg News) |
Mexico's vast oil resources were nationalized by President Lazaro Cardenas in March of 1938. Since then, Mexicans have hardly seen the advantages of being the 6th biggest producer of oil in the world, mostly because the nationalization of such natural resource has infringed upon the external investment in refineries that the country still can't afford. Furthermore, what is truly unbelievable is that at this point, Mexico has to buy refined oil from other countries at higher prices and therefore lose more money that could be potentially invested in building its own processing plans. On December of 2006, President Felipe Calderon Hinojosa assumed the Executive Power in the nation, and are his views on privatization that have the country divided. Unfortunately, the data presented will show that Mexico is in fact running out of oil and without the money to invest not only in refineries but in technology to search for oil, our days as a oil rich nation are counted.