M exico’s oil industry is in a bad way. The country’s once massive petroleum reserves have basically been sucked dry. Production is plummeting , and the state oil monopoly, Petróleos Mexicanos (Pemex) is hemorrhaging money . Unless something is done soon, for the first time in decades Mexico could fall from its coveted spot among the world’s top 10 oil producers. At the same time that classic oil drilling is stalling, the country is sitting on top of fuel sources that are harder to tap: massive amounts of shale oil and gas , as well as deep-water reserves in the Gulf—just like the ones the United States drills. (What, you thought those geological formations stopped at the border?) So why isn’t Mexico going after the same resources that have been so lucrative for its northern neighbor? According to President Enrique Peña Nieto, there’s just one thing standing in the […]