Mexico says oil monopoly struggling

http://seattlepi.nwsource.com/business/1310AP_Mexico_Oil_Decline.html?source=rss

MEXICO CITY -- Mexico's state oil monopoly is in "critical" condition and needs to boost exploration and seek outside expertise to replenish oil reserves that are currently set to last less than a decade, energy officials said Sunday.

President Felipe Calderon, however, said during a ceremony marking the 69th anniversary of the nation's oil nationalization that there are no plans to privatize the industry and that Petroleos Mexicanos, or Pemex, "will always continue to belong to all Mexicans."

Pemex's proven reserves have fallen to the equivalent of 9.3 years of production from 9.7 years in 2005, and daily output declined last year by 2.3 percent to about 3.2 million barrels, officials said at the ceremony in the Gulf coast state of Veracruz.

"The situation of Petroleos Mexicanos is critical and merits immediate attention," Pemex Chief Executive Jesus Reyes Heroles said.
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What will Mexico do without its oil... Hard times ahead

that is the truth... and once they realize that, the economy is already taking it on the nose

On edit I wish they had built two more nuclear plants, the Rio Verde Plant is far from sufficient

If Mexico's economy is taking it on the nose, what do you think our economy will do when there's no oil, and several million economic refugees flood the US? It's going to get real interesting, real soon...

we hit peak oil in 1973 or so

If we did not have the power to project we would be the ones

But... many of the producing countries are right now or in the very near future hitting it, and our industrial agrigulture needs it. SA comes to mind by the way

Oil OIL OIL

are doing some work on alternative fuels... why? There is this little problem of getting stuck without it

the days of stealing oil profits from mexicans is coming to a close

they never used the profits to build Mexico's infrastructure

just handed out cheap oil

uniom bosses got rich as well, but trust me you don't want to

Everybody is guilty...

It's a rock and a hard place for Mexico. When they "privatized" the telecommunications system, they turned it over to "entrepreneur" Carlos Slim at a bargain price and made him the richest man in Latin America. On the other hand, if they keep it under corrupt government control, it will continue to sink. Mexico will be depopulated as more and more head al Norte.