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Peña Nieto proposes opening Mexico's oil reserves to foreign companies




Mexican President Enrique Pena Nieto speaks during a press conference in Central London on June 18, 2013, following the G8 summit in Northern Ireland. Pena Nieto said that he joined G8 leaders in their decleration to crack down on the 'scourge' of illegal tax evasion.
Mexican President Enrique Pena Nieto speaks during a press conference in Central London on June 18, 2013, following the G8 summit in Northern Ireland. Pena Nieto said that he joined G8 leaders in their decleration to crack down on the 'scourge' of illegal tax evasion.
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Mexico sits on nearly 14 billion barrels of oil, and for more than 75 years, only the country's government-owned oil company PEMEX could tap it. But oil production has been slipping, and in just a few years the country could end up having to import more oil than in exports.

President Enrique Peña Nieto is proposing something radical: opening up Mexico's oil reserves to exploration by foreign companies. That move is a major political gamble.

Tim Johnson, a Mexico City-based reporter for McClatchy newspapers joins the show to explain.