OPINION:
The benefits of allowing foreign oil companies to drill for Mexico’s oil and gas for the first time in 75 years will likely reach far beyond Mexico (“Opening development of oil sector catapults Mexico as leader of emerging markets,” Jan. 1).
If executed well, energy reform in Mexico will indeed enable the country to take full advantage of its vast hydrocarbon wealth and will drastically lower its energy prices. Cheaper energy in Mexico will continue to lure manufacturers away from China to Mexico, where factories on average utilize four times as many U.S.-made components as do those in China.
Unlocking the full potential of hydrocarbon reserves in Mexico will also help make North America energy self-sufficient, empower it to protect world oil prices against overseas supply disruptions and tame the power of OPEC — a goal that has eluded the United States and other oil-importing countries for decades.
CATHERINE JAYNE
Westlake Village, Calif.
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