I often say that foreign policy must deliver concrete results for the people of our countries, and today we are doing just that – following through on the commitment that Presidents Calderon and Obama made in 2010 to improve energy security for both countries and to ensure a safe, efficient, responsible exploration of the oil and gas reservoirs in the Gulf of Mexico.
At a time when we are working hard to both secure energy supplies and shift to more environmentally appropriate means of extracting fossil fuels, but also adding immeasurably to our search for renewable energy, this agreement is a win-win. These reservoirs could hold considerable reserves that would benefit the United States and Mexico alike.
But they don’t necessarily stop neatly at either of our maritime boundaries, which could lead to disputes that would then interfere with our countries and companies doing the hard work of discovering what is available to us. If a reservoir straddles the boundary, then there would be disputes over who should do the extraction and how much they should extract. The agreement we sign today helps prevent such disputes. It also helps promote the safe, efficient, and equitable exploration and production of cross-boundary reservoirs. Each country maintains its own right to develop its own resources.
But this agreement creates new opportunities. And for the first time, American companies will be able to collaborate with PEMEX, their Mexican counterpart. In tough times like these, we need to make the most of every opportunity to create jobs, to foster economic growth and energy security, while managing our resources and our environment responsibly for future generations.
Our actions today are further proof of how Mexico and the United States come together to solve shared challenges. From our earliest days, the Gulf of Mexico has been a source of unity for our peoples and our countries. And the steps we are taking today will help make sure it remains that way for decades to come.
Again, thank you very much to all who helped make this agreement a reality. (Applause.)