Industry, feds tout benefits of U.S.-Mexico drilling pact

04/25/2013 | FuelFix.com

The energy industry and the Obama administration are both pushing Congress to approve a bilateral agreement that would allow oil and natural gas development in a U.S.-Mexico maritime boundary. "This agreement will provide legal certainty to U.S. companies, which will encourage them to invest in new energy development, creating jobs and spurring economic growth," said Erik Milito, the American Petroleum Institute's upstream director. The pact would also encourage regulators from the U.S. and Mexico to collaborate further on offshore energy safety, federal officials said.

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