PEMEX (Petróleos Mexicanos) is the world's fifth-largest oil company. It is protected from competition in Mexico, where it enjoys a legal monopoly on the exploration, processing and sale of petroleum. And its privileged status in national mythology affords it a certain immunity from criticism. PEMEX is also in deep trouble. It's heavily-indebted and unable to provide the capital necessary to locate and exploit Mexico's oil deposits. Energy Minister Felipe Calderon recently announced that, without more investment, Mexico's known reserves could be depleted within 13 years. This wasn't the future envisioned by President Lazaro Cardenas, who expelled the foreign oil...