The Shock Doctrine

Mexican Voters Reject Increasing the Role of Private Oil Companies

Marla Dickerson, Los Angeles Times, July 29, 2008

"Turnout was light, but voters in a nonbinding referendum gave an overwhelming "no" to President Felipe Calderon's proposal to give private firms a bigger role in Mexico's government-controlled petroleum industry.... Mexico is the world's sixth-largest petroleum producer, and the industry is the nation's largest taxpayer....

"Calderon in April sent legislation to Congress that would loosen some restrictions on Pemex, enabling it to team up with foreign oil companies to extract the nation's undersea oil. His plan also calls for more private investment in areas such as refining and storage. Opponents say Calderon's real objective is to privatize Pemex, a charge the president denies."