Oil

Mexico Considers Private Investment in State-Run Oil Industry

President may lift decades-old ban

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Mexican President Enrique Pena Nieto is making the most daring gamble yet of his 8-month-old presidency with a proposal to lift a decades-old ban on private companies investing in the state-run oil industry, a cornerstone of Mexico's national pride that's seen production plummet in recent decades.

The reform outlined Monday proposes profit-sharing with private companies. That is currently prohibited by the constitution, which would have to be changed.

(Hat tip to RightNut)