Latinnews Daily - 26 March 2007

On 18 March, the 69th anniversary of the nationalisation of the country's oil industry, President Felipe Calderón Hinojosa announced that the country's oil reserves would last for less than 10 years at the current rate of production. The rapid dwindling of the country's oil reserves and falling production has major implications for the government which gets almost 40% of its revenues from oil.