75 years of government control over Mexico’s vast oil reserved ends after Congress approved the nation’s most significant economic reform since the North American Free Trade Agreement. The bill will change Mexico’s charter to allow companies such as ExxonMobil and Chevron to develop the largest unexplored crude area after the Arctic Circle.
Supporters call it an “extraordinary moment” saying that this could propel Mexico into the top five crude exporting countries. Opponents say it will funnel wealth to foreign investors.
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