Is this a 1-for-1 swap???
Why would we do this? Light crude is much more easily-refined than that Mexican and Venezuelan crud.
1 light sweet barrel = 1 heavy crude barrel plus cash.
Pemex is collecting bid, private oil companies to decide what it is worth to them.
Our refineries are set for this heavy crude and it is cheap (now that is past tense, was cheap). It is ideal. The domestic refiners get to run on what should be cheap crude and we get cheaper wholesale gasoline prices plus domestic oil producers get to sell their higher value crude at higher prices. Plus the added world wide distribution lowers the overall price of crude which puts even more downward pressure on prices.
But for me the issue is freedom to take risk and reap rewards. As in plunk your money down, take your chances, and if you strike oil you get to sell it to whomever you please without government interference.