What We Already Knew

CIDE's Raúl Feliz released a report showing that Pemex doesn't have the capacity to explore the deep-water fields beneath the Gulf of Mexico. That's not exactly news, but it is pressing for Mexico, given that the US will begin exploration on its side of the region in question Gulf in 2010. Mexico won't be able to do so until 2015, at which point the companies on the US side may have depleted Mexican stocks, thanks to the straw effect.