Trump Will Not Take Our Oil

ByAntonio Gershenson

This article by Antonio Gershenson originally appeared in the March 1, 2026 edition of La Jornada, Mexico’s premier left wing daily newspaper. The views expressed in this article are the authors’ own and do not necessarily reflect those of Mexico Solidarity Media or the Mexico Solidarity Project.

A resource as essential as oil is today will one day cease to be the primary source of energy. For environmentalists, having this non-renewable natural resource is a curse, but not for the technology that solves virtually all of the world’s vital needs.

Its true value depends on how the resource is used. The amount of oil and its derivatives wasted due to the recklessness of those who have seized control of it is incalculable and unforgivable.

Currently, Mexico still occupies an important place globally. We are among the 19th or 21st largest producers of proven oil reserves, which translates to approximately 5.9 to 6.1 billion barrels.

We insist, we do not accept, nor should we allow, in any of its forms, or for supposed profitable gains, extraction through the highly polluting technique of fracking

Throughout the history of our oil industry, we had abundant extraction and profits. We went from being a powerhouse with proven, possible, and probable reserves to being a medium-sized producer, considering that we are still among the top 20 oil-producing countries.

Various opinions suggest that hydrocarbons will not run out in our territory. However, other options already exist that will gradually replace their use. And we insist, we do not accept, nor should we allow, in any of its forms, or for supposed profitable gains, extraction through the highly polluting technique of fracking.

Although Petróleos Mexicanos (Pemex) has historically been an industrial powerhouse, its position has declined due to accelerated, indiscriminate, and abusive extraction practices. Nevertheless, it remains a benchmark in the Americas, primarily due to its high productivity in the Gulf of Mexico region.

Our position regarding Pemex’s role, or its importance as an exporter, is that we shouldn’t engage in a productivity competition that benefits no one. What’s relevant for our country is the utility and support of this vital natural resource for the development and growth of our national economy. Nor is it of interest to the Mexican people which official might receive a medal for increasing the extraction and sale of our hydrocarbons.

Let’s not forget that, until 2022, the main oil exporters were, first and foremost, Saudi Arabia, with the highest profits in US dollars; followed by the United States, Russia, Iraq, Canada, the United Arab Emirates, and others. Who would be interested in competing with these countries, and for what purpose? The profits, as we know, were in the billions. The question is whether the populations of these countries have significantly benefited, or whether the oil companies have been the true winners from exploiting this resource.

We do not have a verifiable figure for the massive theft of oil barrels by the United States. Nor can this country be justified in its hydrocarbon heist based on conflicts or unjustifiable international economic sanctions. We do not have an exact figure indicating the amount of this systematic, massive theft. We reiterate, Venezuela’s oil belongs to the Bolivarian Republic. Mexican oil belongs to the people of Mexico. Therefore, if the current administration decides to trade it with Cuba or any other country, it has every right to do so. Mexican oil does not belong to the United States or to Donald Trump.

The Republican president doesn’t need any more oil. What he stole has already generated substantial profits for him. Recall that in December 2025, the Skipper was hijacked with 108 million barrels (approximately $90 million) belonging to the Venezuelan state-owned oil company PDVSA. This theft occurred during the United States’ campaign against oil shipments, which, incredibly, are considered illicit. The total value of the stolen oil from approximately 10 ships has exceeded $900 million. This enormous sum of money belongs to the Venezuelan people.

The exact ranking of Mexico in terms of reserves doesn’t really matter; our country has maintained a fairly high level of productivity in both extraction and processing. We remain in twelfth place worldwide. What’s important is optimizing extraction and strategic planning for commercialization and the domestic industrialization process, making it as environmentally friendly as possible. If the benefits to the population are sustainable, our current ranking is irrelevant.