That Didn't Work as Planned: Mexico's Oil Monopoly Ends, Then Oil Tanks
- `It's tragic Mexico waited so long to open the energy sector'
- Oil company's struggles have overshadowed other successes
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The timing couldn’t have been worse. The end of the 76-year Petroleos Mexicanos monopoly was supposed to unleash an investment flood with companies rushing to develop massive oil reserves. It was going to be historic, and then came the rout.
“It’s tragic that Mexico waited so long to open the sector and that when an administration finally passed a meaningful energy reform, the bottom just falls out of oil prices,” said Tim Samples, a Mexican-energy analyst at the University of Georgia in Athens. “The parade did not last very long.”