Despite a 75-year long ban on lending oil to foreigners, Mexico will reportedly decide soon if they want to lift the restriction according to USA TODAY.
The Mexican government banned all state-owned oil reserves from foreigners in 1938 and were set to discuss the possibility of opening them up to other countries on Monday.
The oil ban has been met with controversy for a while. Many Mexicans see their oil as a symbol of Mexican independence, causing protests against the ban in the past. Now, with the possibility of the ban being lifted, more controversy has risen.
"It's for the Mexican people - that's why it's called, "Petróleos Mexicanos," said Marisela Cuevas, a taco stand waitress.
Several others like Cuevas are skeptical of allowing foreigners to take part in Petroleos Mexicanos, or Pemex, the government-owned agency that controls the oil reserves. Considering the production at Pemex has been falling for years, opening up the oil to other countries, like the U.S., could help increase production as well as update Mexico's technology.
Mexican President Enrique Pena Nieto and members of his Institutional Revolutionary Party suggest that proposals would keep Pemex under government control while increasing economic potential and improving operations. Additionally, the bill would include opening up oil reserves to other international oil companies in the Gulf of Mexico.
Supporters of the president say that such a measure is vital to main income from petroleum, which represents one third of the Mexican government's income.
"It's obvious that Pemex, the pride of the Mexican people, isn't in its best moments," said Institutional Revolutionary Party president César Camacho Quiroz.
"It serves no purpose to say that natural resources belong to Mexicans if they stop benefiting them," Camacho said.
Before they started supporting the international oil initiative, members of the Institutional Revolutionary Party opposed the idea for years and ignored the topic in political debates.