4.2
Reminds me of what swung Texas from a Democratic state to totally Repubican. We sat in gas-lines (odd & even days depending on your license plate) under Jimmy Carter, while a couple of hundred feet from the gas station was an oil well just pumping away.
Due to the panic, I forget how many arrests were made at gas stations, but it was a bunch. People were a lot nicer in the late seventies, I hate to think of the reaction in today's society....but I digress.
Mexico's Constitution (of all things) limits the amount of oil that can be sold on world markets, and prohibits foreign exploration. Bottom line, it nationalizes their oil, and it must remain under the government control (Pemex).
The largest producing South American (Venezula, etc) countries are members of OPEC. They've already shown they have no loyalty to the U.S., and as history indicates, they love to price gouge us every chance they get. Hence, I think the analyist at Merrill Lynch as wrong about this, as they were on tech stocks last year.
Any thoughts ?