March 18, 1938
On March 18, 1938 President Cárdenas embarked on the expropriation of all oil resources and facilities by the state, nationalizing the U.S. and Anglo-Dutch (Mexican Eagle Petroleum Company) operating companies. Two hours before informing his cabinet of his decision, he made the announcement on the radio to the rest of the country. Five days later, a crowd of 100,000 (according to the press) rallied in support of Cárdenas (see photo).
On April 12, 1938, a crowd of thousands of women gathered in front of the Palacio de Bellas Artes to make donations to pay the debt to foreign companies. Donations varied from chickens to jewelry, since the women encompassed all social classes.
On June 7, 1938, President Cárdenas issued a decree creating Petróleos Mexicanos (PEMEX), with exclusive rights over exploration, extraction, refining, and commercialization of oil in Mexico. On June 20, PEMEX started operations.
Read more about this topic: Mexican Oil Expropriation
Famous quotes containing the word march:
“The next thing his Lordship does, after clearing of the coast, is the dividing of his forces, as he calls them, into two squadrons, one of places of Scriptures, the other of reasons....
All that I have to say touching this, is that I observe a great part of those his forces do look and march another way, and some of them fight amongst themselves.”
—Thomas Hobbes (1579–1688)