The state-owned nationalized oil company of Mexico, PEMEX, “announced that oil reserves may run out in seven years.”
“Supplies of this economically exploitable resource are running out,” informed a report sent by the state owned company to the United States stock market.
Jeff Vail notes
They will probably be out of oil in seven years–out of oil, not just beginning to decline. Notice how this came out on Friday afternoon. This is when you issue a press release when you want to bury a story.
Sounds like the Peak Oil theory is proving itself to be true. BTW, Mexico ranks third in amount of oil imported to the US.
I see Mexico ranks second in terms of total petroleum imports to the U.S. (as opposed to crude oil imports). I wonder what the difference is, and whether those additional products come from the same fields that are predicted to run out.
Also I note that Venezuela (gasp!) ranks fourth in both crude oil and total petroleum. As Mexico’s production declines, the U.S. just might have to deal with Mr. Chavez. Any bets on when our government will start seeking regime change there?
I would guess just as about as soon as they get the troops out of Iraq.
The US already DID try regime change in Venezuela!