18/03/2019
Happy Oil Expropriation Day!
On this date, March 18, 1938, the Mexican government nationalized the country's oil fields, expropriating all petroleum/oil assets from the international companies had built the infrastructure used for production. On this date in 1938, via a national radio broadcast, then President Cárdenas declared Mexico's oil belonged to the country and the populace of Mexico. At time, the newly formed Mexican oil company, PEMEX, was created as the nation's sole petroleum corporation (and still exists today).
This date is now a national observance and is typically celebrated by the oil and gas industry with events to honor the national ownership and sovereignty of the country's oil reserves.
For more detail about the historic impact and how this came to be, please click on the photos below: