It is not an exaggeration to call Mexico’s energy reform revolutionary. It will break the monopoly of Pemex, the state-owned petroleum company, and for the first time in over half a century, allow foreign private investment in almost every corner of the Mexican energy market. Such a reform promises to revive the Mexican oil industry, likely leading to lower-cost energy production and significant economic growth. And that is only the beginning. The energy reform package also contains three key elements -- generally overlooked in recent commentary -- that may well signal changes in the Mexican economy every bit as transformative as the Mexican Revolution of almost a century ago.
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