Mexico Slowly Bringing Oversight To Its Oil Industry
Robert Hune-Kalter - Talk Radio News Service
The head of a new agency within the Mexican government tasked with regulating carbon extraction said Mexico will soon be getting tougher on its largest state-owned oil company.
Juan Carlos Zepeda Molina, President of the newly created National Commission of Hydrocarbons, told a panel gathered at the Center for Strategic and International Studies in Washington, D.C., that his department will bring necessary oversight to Pemex, one of the largest companies in the world, worth hundreds of billions of dollars annually.
(Click here for a more in-depth article from the Wall Street Journal)
“Our main focus right now, is to go into Pemex and check whether Pemex has all internal procedures according to best practices. The second thing is to assign a specific regulation. The third level of regulation, as I mentioned, we have the technical assessment,” he said.
One procedure Molina finds to be of the utmost importance is to implement a double-key authorization.
“Before a critical decision is taken, I believe we have to enforce a double-key procedure to make sure certain procedures are done and that you have the concourse of more than one judgement in order to take a final decision,” said Molina.
Lourdes Melgar, an independent energy consultant studying at the Woodrow Wilson Center in Washington, D.C., worries that Pemex has future offshore drilling plans that exceed the company’s technologies and practices.
“How does a company such as Pemex, and how do we think we can do this with such a weak regulation or nonexistent regulation, do the quantum leap from 1200 meters to 2520 meters?” said Melgar.
Melgar also worries about Mexico’s lackadaisical response to the oil spill in the Gulf of Mexico.
“One cannot just pretend nothing is going on,” she said. “Why has the Mexican government been so quiet about something that is happening right there in the Gulf of Mexico? After all it’s called the Gulf of Mexico, it’s something we share.”
Senate Democrats Blame Stagnant Economy On Stalled Congress
Robert Hune-Kalter - Talk Radio News Service
A duo of Senate Democrats pointed their fingers the Republican party Thursday and accused Senate Republicans of stalling an agenda aimed at boosting the economy.
Sen. Robert Menendez (D-N.J.) posed a simple question to voters heading into the summer recess.
“Whose side are you on?” he asked.
Menendez asserted that more could have been accomplished this year had Republicans not repeatedly stalled legislation and denied the economy of countless beneficial provisions.
“As [Democrats] try to give those small businesses the tax breaks and incentives to be able to grow this economy and hire more Americans, Republicans, every step of the way, are impeding our ability to create those jobs,” he said.
Sen. Sheldon Whitehouse (D-R.I.) said that it is frustrating to move legislation in the Senate because negotiations get delayed and are not made in good faith.
Menendez agreed, and said Senate Democrats will try to pass energy legislation, repeal tax breaks and help small businesses when the Senate reconvenes in September.
“What we want at the end of the day is to help middle-class families in this country get over this difficult time and realize their hopes and dreams and aspirations,” he said.
However, the lawmakers’ ambitious remarks were met immediately with skepticism.
“Senators Menendez and Whitehouse have imposed an immeasurable burden on small businesses with mountains of new spending and debt and countless new tax hikes under the failed Pelosi-Reid economic agenda,” said Parish Braden, a spokesman for the Republican National Committee (RNC).
In fact, 83,000 total jobs have dissapeared in Rhode Island and New Jersey since one of the Democrats’ biggest legislative achievements - the American Recovery and Reinvestment Act - was passed in early 2009. Both states have also seen their unemployment rates rise considerably in that time.
“Democrat leaders pledge to support small businesses while at the same time are planning yet another job killing tax hike on the same businesses,” Braden added.