- Mexico's Congress approves the landmark energy bill allowing foreign investment in oil, ending the government's 75-year monopoly on crude production.
- Under the new law, Mexico will offer profit-sharing and production-sharing contracts and licenses to foreign firms, but will maintain ownership of the oil while allowing the firms to book reserves, a crucial concern for oil companies that depend on reserves for valuation and borrowing.
- The measure still needs approval from 17 of Mexico’s 31 state governments before becoming law, and there's plenty of opposition.
- ETFs: UNG, USO, OIL, UCO, GAZ, UGAZ, SCO, BOIL, DBO, DTO, BNO, DGAZ, UNL, CRUD, KOLD, USL, NAGS, DBE, GASZ, RJN, DNO, SZO, OILZ, UWTI, DWTI, OLO, DCNG, UOIL, JJE, RGRE, ONG, DOIL, OLEM, TWTI, UBN
Mexico's Congress approves energy bill allowing foreign investment in oil
Dec 12 2013, 14:34 ET