Mid-day Update

PODCAST: Mexico seeks to tap its oil resources

David Brancaccio Aug 13, 2013
HTML EMBED:
COPY
Mid-day Update

PODCAST: Mexico seeks to tap its oil resources

David Brancaccio Aug 13, 2013
HTML EMBED:
COPY

The government’s reading on consumer spending has gone up the most in seven months.  Retail sales went up 0.2 percent in July. Bill Stone, chief investment strategist at PNC Financial Services Group, explains what this means for the economy.

Right now, if the Mexican government needs help drilling for oil and gas — and it does need help especially in deep water drilling and shale — it’ll pay outside oil companies a fee. The thing is, oil companies haven’t really been that interested in Mexico’s fees. The idea now is to attract companies by letting them share in oil profits. Mexico’s president Enrique Peña Nieto is proposing ending his government’s monopoly on oil production, which will require amending the Mexican constitution. If that works, 87 billion barrels of oil could come to market.

It’s state fair season — the time of year for fried food on a stick and a chance for kids to take part in competitions celebrating agriculture. But fewer young people are growing up to be farmers and more is expected of them in the classroom. And that’s fueling debate between state fairs and schools over how kids should spend their summers.

 

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.