Rep. Terry Canales, D-Edinburg wants legislative public hearings in Edinburg to help South Texas benefit from landmark Mexican energy reforms that could help transform the South Texas economy.
Canales is asking Texas Speaker of the House Joe Straus, R-San Antonio, to authorize joint public hearings of the House Energy Resources Committee and the House International Trade and Intergovernmental Affairs Committee to review the impact of Mexico’s dramatic efforts to tap into a huge reservoir of oil and natural gas in the Mexican states of Tamaulipas, Nuevo León, and Coahuila, located south of the Valley and Laredo.
In his correspondence with Straus, Canales expressed concern that “Texas is not prepared to take full advantage of the recent developments through a calculated collaboration between our two countries. It is pertinent that the Texas Legislature be prepared to capitalize on the impending economic boom effectuated by the energy reforms of our neighbor to the south.”
City leaders in Edinburg have been promoting thepotential energy boom in Northern Mexico as yet another major reason why businesses should move to, or expand in, deep South Texas. U.S. and Texas firms expected to participate in helping PEMEX and Mexico prosper from their currently inaccessible but massive energy resources will have to come through Edinburg and the Valley, Edinburg Mayor Richard García noted.
“Recently, Mexico’s President Enrique Peña Nieto announced that his government will, for the first time in history, allow foreign and private investment and participation in PEMEX," García said. “This is tied to the explosive growth and extraordinary findings known as Eagle Ford Shale, north of the Valley. U.S. manufacturers, transportation companies, service providers want to be closer to Mexico but maintain a presence in the Texas and Edinburg is right smack dab in the middle.”