With a daily average output of 123,800 bbl. this year, Mexico ranks as the world's seventh largest oil-producing nation.* Oil is Mexico's fourth-largest industry but it is almost entirely controlled by foreign firms, which currently have a $450,000,000 investment in it. This has long rankled nationalistic Mexicans, who not only covet the foreign-held oil fields but see justification in Mexico's taking them, since a Mexican legal principle from the time when the country was a Spanish colony until 1857 held that the Government owned all subsoil rights. From 1884 until 1917, however,...
To continue reading:
or
Log-In
