"years of underinvestment" is what happens when you nationalize the industry, same thing that is happening to Venezuela.. but it had to be done, the 99% were getting ready to revolt and politicians like to pamper.
I better stop now before I start ranting
interesting article here about oil theft in Mexico:
"The pilfering of Mexico’s petroleum wealth by criminal gangs and their cronies inside the energy industry continues to spike despite years of effort and many millions of dollars spent to curtail it.
Pemex, the Mexican government’s hydrocarbon monopoly, reports that theft of crude oil and petroleum products jumped some 18 percent in the first half of this year compared to the same period in 2011, totaling more than 1.8 million barrels worth.
The rising theft also comes as Pemex presses for a jury trial in U.S. federal court against a number of Houston-linked companies for either knowingly or unknowingly trading in stolen petroleum products that have found their way into the United States, and specifically Texas, since 2006."