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Business & Economy

Mexico opens energy sector to private companies after 75 years of state control




Derrick hands remove the drilling tool with a sample of the marine seabed at La Muralla IV exploration oil rig, operated by Mexican company 'Grupo R' and working for Mexico's state-owned oil company PEMEX, in the Gulf of Mexico on August 30, 2013. The semisubmersible platform is able to drill to a depth of 10.000 meters in an environment such as the Gulf of Mexico.
Derrick hands remove the drilling tool with a sample of the marine seabed at La Muralla IV exploration oil rig, operated by Mexican company 'Grupo R' and working for Mexico's state-owned oil company PEMEX, in the Gulf of Mexico on August 30, 2013. The semisubmersible platform is able to drill to a depth of 10.000 meters in an environment such as the Gulf of Mexico.
OMAR TORRES/AFP/Getty Images

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It's one of the largest energy markets in the Americas and a top oil producer to the US. Now, it's open for foreign investment.

We're talking about Mexico's oil and gas sector. On Wednesday, the country's lawmakers approved a plan to end more than 75 years of state monopoly and open it to foreign investors. 

For more on what this could mean -- both for Mexico and the US -- we're joined by Jeremy Martin, director of the energy program at the Institute of the Americas in San Diego.