Back in the late 1930's, Mexico created PEMEX under President Lazaro Cardenas.  It was a nationalistic move and enjoyed widespread support in Mexico.  The idea was to let Mexicans, not foreigners, manage and own their energy reserves.  Mexicans celebrate "PEMEX Day" with parades and political speeches.   PEMEX started out to establish Mexican sovereignty.  Ironically, Mexico is more dependent on the US because of PEMEX, as Allan Wall recently posted: "Petroleum is Mexico's biggest revenue earner, but production is dropping.  If present trends continue, Mexico will be an oil importer by 2020. There's a lot more oil out there in Mexico's deep waters, but PEMEX lacks the funds and expertise to get it." It gets worse than when it comes to gasoline and natural gas: "PEMEX has an acute lack of refineries. The United States has 139 operable oil refineries.  Mexico, with less than half of U.S. production, has only seven! PEMEX...(Read Full Post)