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EnergyPolitics
06 September 2023, 5:46 pm 1 minute
Reuters Reuters.com/business/energy/Biden-administration-moving-escalate-energy-trade-dispute-with-mexico-2023-09-06/”>exclusively reported that President Joe Biden’s administration has asked U.S. energy companies to prepare affidavits documenting how Mexico’s protectionist policies disrupted their investments as Washington prepares to escalate a trade dispute with its neighbor. U.S. energy and power companies, such as ChevronCVX.N and Marathon Petroleum MPC.N, which sought to expand in Mexico, have complained that they have been denied simple permits and applications in decisions that favored state oil company Petroleos Mexicanos (Pemex) and national power utility Comision Federal de Electricidad (CFE).
Market Impact
Mexico overtook Canada and China to become the largest U.S. goods trading partner in the first half of 2023, reaching Total trade of $396.6 billion for the period as Mexico’s automotive production grows and other U.S. companies shift supply chains from China closer to home.
Article Tags
Topics of Interest: EnergyPolitics
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Americas
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
In a plot twist straight out of a political satire, President Joe Biden‘s administration has apparently decided to pick a fight with Mexico—because nothing says diplomacy quite like whining about a game of “Who’s Got the Most Permits?” In a gleeful display of bureaucratic gymnastics, U.S. energy companies like Chevron and Marathon Petroleum are being asked to document how Mexico’s protectionist policies have disrupted their dreams of drilling for oil under sunny skies. Yes, you heard that right! Apparently, seeking a permit in Mexico is like trying to pull teeth from a particularly stubborn crocodile.
Let’s take a moment to applaud the sheer absurdity of it all. While U.S. companies are left twiddling their thumbs and writing affidavits—because who wouldn’t want to write a memoir about not getting a permit?—Mexican state companies like Pemex are frolicking about, gleefully pushing aside the competition like a toddler with a toy truck. It’s almost poetic: the U.S. energy titans wanted to expand their empires in a neighboring land, only to find themselves playing the role of the rejected suitor at a dance party.
Meanwhile, as Mexico rakes in a staggering $396.6 billion in trade—surpassing Canada and China as America’s most significant trading partner—it’s clear they’re doing something right. Who knew that moving supply chains closer to home would lead to a roaring economy? Guess you could say Mexico really knows how to oil the wheels of business. But fret not, dear citizens! As we quibble over petty trade disputes, let’s remember: while politicians squabble like children over toys, the real winners are the Mexican state companies who couldn’t care less about the U.S. energy companies’ paperwork woes.
So, as the U.S. prepares to escalate this delightful trade dispute, perhaps we can all sit back and enjoy the show. It’s like watching a soap opera, but with fewer plot twists and more absurdity. Who knew that the politics of energy could be this entertaining?
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