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.