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18 March 2014

oil_exrpoOil in Mexico is much more than a symbol of national pride. For the past 75 years it has been an enormous source of income for developing Mexico’s infrastructure and improving social welfare. When, on this day in 1938, President Lázaro Cárdenas expropriated U.S.- and U.K.-owned oil companies, he allowed Mexico to achieve relative independence and modest prosperity. The nationalization of oil saved Mexico from becoming a paralyzed, essentially colonized country like Guatemala, which has a major mining industry that is almost entirely foreign-owned.

Mexico’s Oil Belongs To Its Citizens, Not the Global One Percent

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