Mexico's new president throws down gauntlet to oil majors

Mexico's new president throws down gauntlet to oil majors

Mexico's new president throws down gauntlet to oil majorsLopez Obrador took office on Saturday, promising to increase the government's role in the energy industry and roll back what he described as a 36-year neo-liberal era in which successive governments gradually opened up the economy. During the election campaign, he pledged to review the contracts issued under a landmark energy reform for any signs of corruption. Under Mexican law, the independent oil regulator known as the National Hydrocarbons Commission (CNH) runs the auctions, supervises the contracts and is the only entity that can cancel the contracts.