ManattJones CEO Quoted on Oil Drilling in Mexico
"Mexico’s Constitution May Bar Foreign Oil Firms From Drilling"The Miami Herald
August 1, 2008 – The Miami Herald interviewed ManattJones Global Strategies Chairman and CEO James R. Jones on Mexico’s nationalized oil industry.
According to The Miami Herald, Mexico nationalized its oil industry in 1938, but President Felipe Calderon has controversially proposed to begin allowing foreign oil firms to drill, as well as build and run refineries. Mexico’s 1917 constitution is unclear whether Calderon’s proposal is legal.
For constitutional reasons, oil was excluded from the 1994 North American Free Trade Agreement, a deal that otherwise completely opened trade among the United States, Canada and Mexico.
''Was it a mistake? It could have been a mistake,'' said Jones, who was the U.S. Ambassador to Mexico during the debate over NAFTA. “It would have been nice to have something in there (NAFTA) to open it up. Now, having said that, we probably wouldn't have got a deal.''
Read the article here.
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