It is said that Mexico’s oil industry is in a bad way. The country’s once massive petroleum reserves have basically been sucked dry. Production is plummeting, and the state oil monopoly, Petróleos Mexicanos (Pemex) is hemorrhaging money. Unless something is done soon, for the first time in decades Mexico could fall from its coveted spot among the world’s top 10 oil producers.

When classic oil drilling is stalling, the country is sitting on top of fuel sources that are harder to tap: massive amounts of shale oil and gas, as well as deep-water reserves in the Gulf—just like the ones the United States drills. (What, you thought those geological formations stopped at the border?) So why isn’t Mexico going after the same resources that have been so lucrative for its northern neighbor? According to President Enrique Peña Nieto, there’s just one thing standing in the way of Mexico’s rightful petroleum renaissance: the country’s constitution. So he’s asked the government to change it.

As it stands, the Mexican Constitution forbids private investment in Pemex. That law has been on the books since 1938, when President Lázaro Cárdenas kicked foreign oil companies out of Mexico for not respecting labor laws. But the restriction is outdated, Peña Nieto argues, better suited to a time when Mexico could count on the easy oil of gigantic, shallow-water reserves like the Yucatán’sCantarell. New techniques such as fracking and deep-water drilling are much more complicated and expensive, and Pemex needs help keeping up.

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