VENUSTIANO CARRANZA, Mexico — To the Mexican people, one of the great achievements in their history was the day their president kicked out foreign oil companies in 1938. Thus, they celebrate March 18 as a civic holiday.
Yet today, that 72-year-old act has put Mexico in a straitjacket, one that threatens both the welfare of the country and the oil supply of the United States.
The national oil company created after the 1938 seizure, Pemex, is entering a period of turmoil.
Full story: Mexico’s Oil Politics Is Causing Woes