MEXICO: Oily Dynamite

When nationalistic, left-wing President Lazaro Cardenas expropriated the great foreign oil companies, Mexicans went on a patriotic spree. Exultant workers hailed the end of "foreign exploitation" as they paraded through city streets and village plazas; bands blared; housewives offered their silver to help pay for the $400,000,000 seizure. That was eight years ago. Last week TIME learned that President-elect Miguel Aleman might let foreign oil interests return.

The Mexican Government's attempt to run the oil industry has been a dismal flop. Pemex (Petroleos Mexicanos), the operating company, has been loaded with...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!