Wednesday, May 21, 2008

Oil and Money

Mexican national oil company, Pemex doesn't have the money to do deep sea drilling to find new supplies. And they are bound by law so they can't partner with American oil companies who do have the money.

At least for the moment - Congress would like to take away that money, so we can't do any more drilling.

Pemex doesn't have the resources to search for new deep-water fields in the Gulf of Mexico, Shields says. And without a change in the law, Pemex can't make partnerships with international oil companies that have experience in doing such deep-water drilling.

Mexican oil production peaked at 3.4 million barrels a day three years ago . . .
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