• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 3 hours "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 7 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 2 days Did China cherry-pick the factors that affected the economic slow-down?
  • 7 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 10 hours Are you aware of Oil Price short videos on our energy topics?
  • 15 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 18 hours NordStream2
  • 4 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 411 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Forecasts for Natural Gas
  • 4 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Nord Stream - US/German consultations
Why The World Still Isn’t Ready For An EV Revolution

Why The World Still Isn’t Ready For An EV Revolution

As skyrocketing energy and fuel…

Oil And Gas Stocks Are Popular Once Again

Oil And Gas Stocks Are Popular Once Again

Energy stocks, particularly oil and…

Mexican Government Presses Ahead With Controversial Oil Market Reform

The Mexican government is moving ahead with a comprehensive revamp of the country’s energy market aimed to virtually undo all the reforms implemented by the previous government and re-establish state-owned companies as the dominant players in the field.

“We are going to push for a constitutional reform that will allow us to repair the grave damage that privatization has caused to the public sector and the popular economy,” President Andres Manuel Lopez Obrador said this week, as quoted by BNAmericas.

As part of these efforts to reverse energy reforms by the previous government, the lower house of the Mexican parliament earlier this year passed a controversial piece of legislation that would remove a stipulation from an earlier law that requires the state energy market regulator CRE to prioritize fuel sales from private companies as a way of leveling their playing field with Pemex.

At the same time, the Lopez Obrador government has granted billions in tax relief to the state company, including $3.6 billion for this year alone. Additional support measures have included a reduction in Pemex’s profit-sharing obligations.

Yet, some of the government’s legislative attempts to strengthen state-owned energy companies such as Pemex have been blocked by courts on the grounds that they are unconstitutional. In order to eliminate the threat of such blocks, an amendment of the constitution seems like the most obvious way to go.

If the amendment is passed, the new reforms will ensure, among other things, that more than half of Mexico’s power generations is under the control of state entities, according to former interior minister Olga Sanchez Cordero.

“Today we do not have a nationalization, but a constitutional regulation in which the president is proposing that 54% [of the market] be put under the state’s tutelage while the remaining 46% is open to private investment,” Sanchez Cordero said.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News