According to a story in The New York Times,several large oil exporters, including Mexico, may begin importing oil within the next five years. Growth of auto ownership and booming economies are driving huge demands for crude in Iran, Mexico, and Indonesia.

The paper reports “It is a very serious threat that a lot of major exporters that we count on today for international oil supply are no longer going to be net exporters any more in 5 to 10 years,” said Amy Myers Jaffe.

Douglas A. McIntyre