The people of Tabasco, Mexico, are hot under the collar about an oil spill by their national oil company, Pemex. They are especially offended by Pemex's attempts to hide the spill, keeping it secret for four days. On a scale of zero to British Petroleum, this spill was rated as a "5". Oil company under fire for hiding truth about massive spill — here's what happened Bet you didn't see that coming . . .
Mexico many years ago decided to nationalize their oil company and the result has been output and productivity has declined.
Doesn’t seem accurate, Mexico nationalized oil production in 1938, then looks to have had about 70 years of growth after that….
More correctly, exploration and modernization have failed. As old oil fields have become tapped and the technology less efficient, the Mexican government at endless war with drug cartels, has been unable to invest into PEMEX in the way this business needs continuous investment.
