Oil Expropriation Day
Oil Expropriation Day, also known as Dia de la Expropriacion Petrolera, is a holiday that’s observed in Mexico on the 18th of March. This holiday remembers the nationalization of all petroleum reserves and foreign oil companies on March 18, 1938. This nationalization of facilities and reserves was done in accordance with Article 27 of the Constitution of Mexico.
On this day, President Lazaro Cardena declared that all oil and mineral reserves that were found within Mexico belonged to the federal government of Mexico. The government would then proceed to establish a state-owned petroleum company known as PEMEX or Petróleos Mexicanos. It’s a day on which Mexicans can honor the sovereignty of their nation.
The History Of Oil Expropriation Day
On March 18, 1938, Mexican President Lazaro Cardena declared that all mineral and oil resources in the country belong to the country.
Although this proclamation prompted a boycott of Mexican products for a little while by the United States, The UK, and the Netherlands, the boycott was quickly dropped when World War II began and there was an alliance put into place between the Allies and Mexico. Any remaining disputes between the Mexican government and private companies were quickly resolved.
Facts About Oil In Mexico
Below are some fast facts we’ve uncovered concerning oil in Mexico. We hope that everyone reading this finds this just as educational as we did.
- Mexico is one of the largest producers of petroleum in the world.
- Mexico is the fourth-largest oil producer in the Americas after the U.S, Canada, and Brazil.
- In 2019, Mexico accounted for 9% of all U.S crude oil imports.
Observing Oil Expropriation Day
In Mexico, this is a national observance, but it’s not a public holiday. That means that there may be some activities celebrating this holiday, but banks, schools, and businesses will operate under normal hours. With that being said, this is still a day on which Mexicans can feel good about their national sovereignty.