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  • Title: Population, petroleum, and politics: Mexico at the crossroads. Part 2. The potentials and problems of Mexican oil resources.
    Author: Gallagher CF.
    Journal: Am Univ Field Staff Rep North Am; 1980; (42):1-16. PubMed ID: 12310262.
    Abstract:
    The 2 most important factors which will influence Mexico's future economic development are the country's overpopulation problem and the manner in which the country's oil reserves are exploited. This document describes the historical development of Mexico's oil industry and the current struggle of the government to ensure that the oil resources contribute toward the sound economic development of the country. The government expropriated foreign oil companies in 1938 and today most of the oil operations in Mexico are conducted by the state controlled Pemex Company. In recent years extensive oil reserves were discovered in Mexico and the country is now in the position of having large oil reserves at a time when oil prices are increasing. Known crude oil reserves are estimated at 31 billion barrels; however, an unconfirmed report by Pemex in 1980 placed the known reserves at 50 billion barrels. In the past the management of Pemex was corrupt and inefficient and many top positions in the company were filled by retired politicians. The recent appointment of Jose Andres de Oteyza as Chairman of the Board and of Jorge Diaz Serrano as the Director-General should greatly improve Pemex operations. In developing the country's oil industry the government wants 1) to keep production low enough to offset inflation and to preserve the resource but 2) to produce enough oil so that the country has sufficient funds for investment and for operating needed social programs. The government may not be able to keep oil production down to acceptable levels. It may be forced to increase oil exports to compensate for its growing reliance on imported food and other imported products. In recent years Mexico's industrial productivity and its agricultural production declined. The government wants to avoid being placed in the position where it will be forced to trade large quantities of oil for needed food. The current government is promoting investment in agriculture and industrial development in an effort to reduce reliance on imports. Mexico's relationship with the U. S. in regard to migration and trade was also discussed.
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