Word: oils
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Dates: during 1970-1979
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...pride and independence was backed up by what may be the richest energy supply in the Western Hemisphere. With proven reserves of 40 billion bbl. and estimated potential reserves of as high as 200 billion bbl., Mexico is now moving into the top rank of the world's oil producers...
...Energy Secretary James Schlesinger abruptly vetoed as too costly a sale of natural gas from Mexico in December 1977. Carter's visit, however, paved the way for negotiations over the divisive issues, and as Mexico's major trading partner, the U.S. remains the logical client for its oil exports...
Despite the influx of new oil money, Mexico continues to be plagued by a formidable array of economic and social problems. The gap between the rich few and the poor masses seems to be increasing. Inflation is running at 16% annually, and nearly half of the country's 18 million workers are totally or partly unemployed. Mexico's population (currently 67 mil lion) is growing at an annual rate of 3% and might reach some 100 million by the year 2000. For millions of Mexico's landless peasants, illiteracy, disease and malnutrition are chronic problems...
...recession. Together with the inflation in the present-day world, this recession will upset the economy even more. I am especially concerned for the developing nations, which are going to be cut as if by a pair of scissors. One of the scissors blades is the price of oil. The other is recession in the powerful countries, which will impede exports from the poor nations, thereby cutting off their possibilities for development...
...What effect will the recent oil price changes have on the Mexican economy...