Mexican Oil Industry
The development of the Mexican oil ind
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The development of the Mexican oil industry before 1970 falls very sharply into two periods. The first, beginning effectively in 1901, was the period of oil development by foreign international oil companies, mainly based in the U.S., though the British role was also significant. For a time, in the early 1920s, Mexico ranked second only to the United States as an oil producer, and was in fact responsible for about a quarter of all world oil production. From that point, however, production declined not only in relative terms but absolutely as well. This decline was due to a of exhaustion of the early reserves and the disruptions resulting from the long Mexican Revolution, which began in 1910 and left the country in a state of endemic instability until the early 1930s. The period of foreign ownership and control of Mexico's oil resources ended abruptly on March 18, 1938, when President Lazaro Cardenas announced to his people the nationalization of most major foreign oil companies.1 This was a watershed date not only for the petroleum industry in Mexico, but for Mexican national life and the Mexican political system. In the eyes of the Mexican intelligentsia and populace, this could be called the culmination of the Mexican Revolution. Mexico had at last taken control of its natural wealth, and therefore of its national destiny. The date of the expropriation is thus still celebrated as a Mexican public holiday.
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1921 549
1931 93
1938 106
1941 119
1950 202
1960 298
1970 487
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11Ibid., 9.
12Gentleman, 75.
Not until 1974, when oil was pumped at an average daily rate of 653,000 barrels, was the 1921 production rate to be exceeded. Several factors contributed to the decline in production. One was simply that the early boom represented the recovery of easily reached and shipped oil, production achieved with a relatively modest investment. These fields quickly reached high production levels, and they were almost as easily exhausted.
Given the continual increase in global oil demand through the 1920s, however, it would have been economically rational to expand oil exploration and productionl with new investments. In fact, however, the reverse occured. Through the later period of foreign control of Mexican oilfields, exploration as well as production declined. In 1926, as many as 808 exploratory wells were drilled. By 1930, this had drop
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Approximate Word count = 5145
Approximate Pages = 21 (250 words per page)
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