GAO sees dividends in U. S. entry into Mexican petroleum industry

Journal Article · Mon Apr 20 04:00:00 EDT 1992 · Oil and Gas Journal; (United States)

OSTI ID:5540193

This paper reports that the U.S. General Accounting office says both countries would benefit if Mexico opened its oil industry to U.S. companies in the current negotiations on a free trade agreement. GAO testified at a House foreign affairs subcommittee hearing on trade and investment opportunities in the Mexican oil industry. Rep. Sam Gejdenson (D-Conn), subcommittee chairman, the oil is the single largest commodity traded between the U.S. and Mexico. Fifty-five percent of Mexico's oil exports now go to the U.S., and 12% of total U.S. oil imports come from Mexico in an average year. Mexico has one of the largest proved oil reserves in the world, perhaps 30-50 billion bbl. And yet it is producing only 2.5 million b/d and is importing gasoline and basic petrochemicals from the U.S.

• OSTI ID: 5540193
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:16; ISSN OIGJA; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
DEVELOPED COUNTRIES
DEVELOPING COUNTRIES
ENERGY SOURCES
EXPORTS
FOSSIL FUELS
FUELS
IMPORTS
INDUSTRY
INTERNATIONAL RELATIONS
INVESTMENT
LATIN AMERICA
MEXICO
NATIONAL ORGANIZATIONS
NORTH AMERICA
PETROLEUM
PETROLEUM INDUSTRY
PRODUCTION
TRADE
US GAO
US ORGANIZATIONS
USA