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:
“As high as mind stands above nature, so high does the state stand above physical life. Man must therefore venerate the state as a secular deity.... The march of God in the world, that is what the State is.”
—Georg Wilhelm Friedrich Hegel (1770–1831)