Tuesday, December 09, 2014
In 1976, Mexico discovered a super-giant oil field called the Cantarell Field about 80 miles offshore in the Bay of Campeche, propping up an economic boom across the country. For a fleeting moment, Mexico became a new force in the world oil market, attracting investment from all corners of the globe. But the good times would not last.
By the early-1980s, the Mexican economy balanced on a knife’s edge. Most notably, it was undermined by falling oil prices. Yet, as Daniel Yergin explained in The Prize, it was really a confluence of several economic issues that hurt the country: