Mexico moves forward with historic energy reform

The Associated Press reports Mexico's Congress voted to open the country's state-run oil industry to foreign and domestic investors.

ADVERTISEMENT

The move signals the most drastic shift on energy policy in seven decades and will enable the government to give private companies contracts and licenses to explore for oil and gas — currently prohibited under Mexico's constitution.

Pemex, the state-run oil company, has maintained a monopoly since the government gained control of operations of foreign oil companies in 1938.

Opponents fear that nations like the U.S. will reassert domination over Mexico's oil as they had before 1938.