Since his election at the end of 2018, Lopez Obrador has been working to reassert Pemex’s dominance.
In 2014, Mexico passed a slew of legislation to open its energy sector to competition as it tried to clip the wings of Pemex, which has a huge labor force, some of the country’s most powerful unions, and historically close ties with the country’s ruling elite. To put these maneuvers into context, it is necessary to go back to decisions made by the previous investment-friendly and establishment-oriented Pena Nieto administration. Or more aptly, increased reliance on and dominance by its state-owned oil and gas company, Petroleos Mexicanos, or Pemex. O’Grady further noted that the politics of the cutoff have played well to a vision that populist Mexican President Andres Manuel Lopez Obrador has long been promoting: a Mexican return to energy self-sufficiency.
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