This article was published by The McAlvany Intelligence Advisor on Monday, November 28, 2016:
According to the CIA’s 2015 World Factbook, Mexico had less than 10 billion barrels of proven crude oil reserves as of last December. That placed the country at 17th position, just ahead of Angola and just behind Algeria. The fact that it had ten times more than that underground and under the Gulf of Mexico didn’t matter. If you can’t get to it, it doesn’t count.
And ever since 1938 a succession of Mexican statist presidents made sure no one could get to it. When then-President Lazaro Cardenas “consolidated” all foreign oil producers by nationalizing their properties, he named the resulting company Pemex. And then he and future presidents milked it for all it was worth, funding various socialist projects, setting up retirement plans for their political cronies, and in general ignoring the untapped reserves lying just offshore.