Mexico Discovers Huge Oil Field

Mexico's President Vicente Fox announces the discovery of a mayor oil field, containing an estimated 10 billion barrels at a value of approximately $600 billion (Equivalent to the annual GDP of Mexico).

This is good news both for Mexico and the rest of the world (except for competing oil producers). This will bring much needed extra income to the dysfunctional Mexican economy and it will lower global oil prices and lessen dependency on Middle Eastern oil, all of which is very good.

However, for Mexico's dysfunctional economy to experience a more significant upswing, Mexican politicians must root out the widespread corruption in the justice system and deregulate the economy.