Mexican Congress Finalizing Historic Oil Legislation

The Mexican Congress, in a move that would have seemed revolutionary just a few years ago, this week is fast tracking legislation that will, for the first time since the late 1930s, open Mexico's vast oil and gas fields to exploitation by Texas firms, Newsradio 1200 WOAI reports.

The Constitutional Amendment allowing the move has already been approved by the local governments of Mexico's 31 states 'at a speed that would make the U.S. government blush,' said Luis Gomar, who is managing partner of the Mexico City office of the influential Texas law firm Strasburger & Price.

"The significance is, I would say, transformational for a country," Gomar told Newsradio 1200 WOAI from Mexico City.