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It it remains to be seen whether they are going to be safety case or performance standards or what kind of regulators they are going to be. Norway is another great example. Colombia has a terrific regulator. Those are other countries that have done this well. And on the fund, i think its pretty much only norway that has done this with the kind of political independence, fiscal independence that mexico has done. I think its worth spending a moments talk about the regulator. Thats the key element right now i think in this. The question a the lot of us have is we have a very small, underfunded co...

Budget. Thats the number in 2013. So what we are going to do in the future is that base of the budget coming from oil will remain constant. And the way that it will stabilize our finances. The mexican finances will not be suffering from lack of money. So we have a constant of 4. 7 . After we reach the 4. 7 the rest of the money goes into longterm savings. That, up to 3 of gdp. Once we reach 3 of gdp we put that in the bank. Then if we assume theres another dollar that comes additional to the first, it is defined in the following way. At least 40 of that new dollar goes again to the savings acc...

Important Political Parties have proved their reform. It has over 20 state legislatures. I think that shows leadership. Now with the polls, it really depends, as in many important issues in public policy, what type of questions you ask. If you describe the benefits of reform of this type, the majority of the feel that are in favor of paying lower costs in electricity or gas. If you want to privatize pemex, you have a high response of no. But this reform is not pemex. Its natural gas in mexico and that will decrease the costs of electricity through the process that we have discussed before. So ...

, it is a selfregulatory institutions regarding those. Opics that they have to make a report to the ministry of energy. It will have the participation of the ministry of energy. The usmexico transboundary agreement cleared because of the budget deal. While is at the state department, we thought that would be the first baby step to cooperate with mexico on safety in the gulf of mexico. We have certainly learned a lot about safety at least in the deep water as oil spill prevention, itll still mechanisms. Oil spill mechanisms. We will have some bilateral hemispheric cooperation. Want to underscor...

Reform, domestically opening to the outside World International ly. Then its going to be a long process. So he used his marvelous analogy which is you cross the river steps feeling the stones step by step. [ speaking chinese ] i think we also need to have that concept alive in our minds about how you can possibly engineer that incremental trust building exercise between china and the United States as well. Step by step but knowing in fact that there is a destination called a common future. For our chinese friends here in the audience today, if you talk about realism, [ chinese word ] means som...