...And we could increse our domestic oil production!...
Maybe by quite a bit. We already know that Mexico has substantial reserves. The only way to prove reserves, really, is to drill. I'd bet they haven't run out of good prospects to drill yet.
I wonder how their capacity for more drillin gis? If an American oil company went down there and drilled to sell a part of it to America, that would increase our supply, bring in money for Mexico, crate jobs down there, and keep a certain number of them from smuggling themselves into our country,
Since that would dry up the supply of cheap labor (hint: hire welfare recipients instead), it will never even be considered.