An oil industry overhaul approved by Mexico's Congress portends massive changes for the country's iconic national oil industry – and potentially a boost for the economy. The bill, approved overnight, would promote foreign investment and allow private companies to explore and exploit petroleum deposits – tasks previously reserved for Petróleos Mexicanos, or Pemex, as the state oil agency is known. It must be ratified by state assemblies, approval that is expected.

Tens of thousands of people have protested in the centre of Mexico City against President Enrique Pena Nieto's planned overhaul of the energy sector. Opposition leader Andres Lopez Obrador told the crowd to surround the Congress this week. Mr Pena Nieto says the plan to allow private investment in the oil and gas sector is needed to boost the economy. His approval ratings have slumped to their lowest since he took office a year ago.

Mexican President Enrique Peña Nieto announced on Monday one of the most "sweeping economic overhauls" in Mexico's history with his proposal to open the country's closed energy industry to foreign investment for the first time in 75 years. For Mexico's northern neighbor, the question is how do these reforms affect the average American consumer, the North American energy sector, and the overall U.S. economy? According to energy and economic analysts, the answer is simple: A lot.