As Mexico’s left digs in its heels, President Enrique Peña Nieto and backers of his plan to reform Pemex by way of constitutional changes are hoping a long-term gamble will pay off – and not leave Mexico strapped for cash.

Mexican President Enrique Peña Nieto is proposing one of the most dramatic reforms in Mexican politics in years. Here's five things to know about his plan.

Mexico’s state oil company Pemex is looking to invest in refining equipment belonging to US oil companies to boost its efficiency. Meanwhile, Mexican President Enrique Peña Nieto is preparing to present a plan to Congress this week which would open the company to private investment – a plan which promises to shake the bedrock of the Mexican political scene.

The leftist Party of the Democratic Revolution (PRD) says it won't push for any change to the Mexican constitution before the people weigh in on a reform which would open Pemex, Mexico's state oil company, to private investment. A 2012 poll showed widespread disapproval of the idea among Mexicans.

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The Mexican president has begun pushing again for reforms to Mexico's state oil company to open it up to foreign and private investment. But he has been unclear about how that will be done without amending Article 27 of the country's constitution, which gives Pemex exclusive rights to oil and gas production.

Brazil is placed on alert following an oil spill in Ecuador that has already caused damage in Peru.

Risk analysts believes Hugo Chávez amassed a fortune of $1 billion.

Hugo Chávez, who has governed Venezuela since 1999, died Tuesday at the age of 58. His official successor is not yet known.

Colombia's FARC rebels freed three oil contractors kidnapped on Wednesday on Thursday.

The New York area's energy network slowly resumed operations on Friday, five days after Hurricane Sandy shut down the pipelines, fuel terminals and refineries that serve the country's densest consuming region.

Hurricane Sandy forces oil refineries on U.S. East coast to close operations. Gasoline prices are expected to spike in the days ahead.

The U.S. government reports a bigger-than-expected increase in crude oil supplies as analysts anticipate future price of oil.

European Union governments imposed sanctions on Tuesday against major Iranian state companies in the oil and gas industry, and strengthened restrictions on the central bank, cranking up financial pressure over Tehran's nuclear program.

President Hugo Chavez's re-election on Sunday means Venezuela's state oil company PDVSA will remain highly politicized and will continue its discount supply deals with his socialist allies.

BMW Technical Service issued an urgent technical service bulletin regarding all 2013 BMW M5, M6, and M6 Convertible models due to a critical problem with the oil pump.

Brazil's petroleum regulator ANP appealed an injunction on Monday banning Transocean Ltd (RIG.N) and Chevron Corp (CVX.N) from operating in Brazil on the grounds the ban would harm oil exploration in the country, ANP chief Magda Chambriard said.

Isaac, now a tropical depression, continued to threaten the lower Mississippi valley with heavy rain and flash floods as it moved north after forcing offshore energy producers and coastal refiners to shut operations.

Chevron (CVX.N), the No. 2 U.S. oil company, has appealed against an injunction banning it and its drilling contractor Transocean Ltd (RIG.N) from operating in Brazil while civil and criminal charges over an oil spill last November are judged.