"On March 18, 1938, Mexican President Lzaro Crdenas signed an order that expropriated the assets of nearly all of the foreign oil companies operating in Mexico. He later created Petrleos Mexicanos (PEMEX), a state-owned firm that held a monopoly over the Mexican oil industry, and barred all foreign oil companies from operating in Mexico. "

https://history.state.gov/milestones/1937-1945/mexican-oil

No

NAFTA was l a lot worse for them

TheGreatEscape said:

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"On March 18, 1938, Mexican President Lzaro Crdenas signed an order that expropriated the assets of nearly all of the foreign oil companies operating in Mexico. He later created Petrleos Mexicanos (PEMEX), a state-owned firm that held a monopoly over the Mexican oil industry, and barred all foreign oil companies from operating in Mexico. "

https://history.state.gov/milestones/1937-1945/mexican-oil

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Is this a serious question?

Quote:

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The Burgos Basin shale gas field, which spans the arid shrublands of Northern Tamaulipas, Mexico, is a potential bonanza as big or bigger than the record-setting Eagle Ford shale play across the Rio Grande in South Texas. Yet the promised fracking boom in Mexico, hyped in U.S. media and pushed by the U.S. government, has yet to materialize.

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Mexico's Fracking Impasse | NACLA

Why do you think that is?

They probably have not figured out which cartel will be in charge and how many "big guys" need to get their 10 percent.

aggie93 said:

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TheGreatEscape said:

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"On March 18, 1938, Mexican President Lzaro Crdenas signed an order that expropriated the assets of nearly all of the foreign oil companies operating in Mexico. He later created Petrleos Mexicanos (PEMEX), a state-owned firm that held a monopoly over the Mexican oil industry, and barred all foreign oil companies from operating in Mexico. "

https://history.state.gov/milestones/1937-1945/mexican-oil

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Is this a serious question?

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I know it was a terrible mistake. I was just trying to see what people educated in business and economics thought.
Maybe they could teach us something?

TheGreatEscape said:

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aggie93 said:

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TheGreatEscape said:

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"On March 18, 1938, Mexican President Lzaro Crdenas signed an order that expropriated the assets of nearly all of the foreign oil companies operating in Mexico. He later created Petrleos Mexicanos (PEMEX), a state-owned firm that held a monopoly over the Mexican oil industry, and barred all foreign oil companies from operating in Mexico. "

https://history.state.gov/milestones/1937-1945/mexican-oil

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Is this a serious question?

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I know it was a terrible mistake. I was just trying to see what people educated in business and economics thought.
Maybe they could teach us something?

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It was a double whammy of dumbass.

First you had the government take everything over which ensured inefficiency, grift, and corruption and especially in a place like Mexico. When government runs something like this then politics are the priority and not production or profits.

The bigger mistake though was barring foreign oil companies from operating in Mexico. Since Mexico doesn't have any serious petroleum engineering expertise or the ability to develop it that put them at a severe disadvantage. You screw over international companies and make them worry about losing their assets and investment and they aren't going to help you. That leaves you with lots of oil sitting in the ground that you can't extract or don't know how to deal with it. That's why Venezuela has more oil than anyone but now doesn't really produce any, no one is putting their money where it can just be nationalized and you can't trust the government.

itsyourboypookie said:

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No

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I feel sorry for the people of Mexico. Of course I'm for closing the border. Besides, people are getting here without jobs available . Unfortunately, Mexico has too many communists living there and they most likely won't reform their own government the correct way. They should go back to the basic Constitution of 1824. But they are deserving of what they vote for and should stay there.

aggie93 said:

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TheGreatEscape said:

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aggie93 said:

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TheGreatEscape said:

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"On March 18, 1938, Mexican President Lzaro Crdenas signed an order that expropriated the assets of nearly all of the foreign oil companies operating in Mexico. He later created Petrleos Mexicanos (PEMEX), a state-owned firm that held a monopoly over the Mexican oil industry, and barred all foreign oil companies from operating in Mexico. "

https://history.state.gov/milestones/1937-1945/mexican-oil

---

Is this a serious question?

---

I know it was a terrible mistake. I was just trying to see what people educated in business and economics thought.
Maybe they could teach us something?

---

It was a double whammy of dumbass.

First you had the government take everything over which ensured inefficiency, grift, and corruption and especially in a place like Mexico. When government runs something like this then politics are the priority and not production or profits.

The bigger mistake though was barring foreign oil companies from operating in Mexico. Since Mexico doesn't have any serious petroleum engineering expertise or the ability to develop it that put them at a severe disadvantage. You screw over international companies and make them worry about losing their assets and investment and they aren't going to help you. That leaves you with lots of oil sitting in the ground that you can't extract or don't know how to deal with it. That's why Venezuela has more oil than anyone but now doesn't really produce any, no one is putting their money where it can just be nationalized and you can't trust the government.

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And since they can't keep their refineries running they export their oil to Houston to reimport

They also bought the Shell refinery there.


https://www.reuters.com/business/energy/shell-hand-over-deer-park-refinery-pemex-next-week-sources-2022-01-13/

I keep watching for them to redo the mural on the tank farm

https://www.gettyimages.com/detail/news-photo/an-oil-tank-mural-which-is-part-of-the-san-jacinto-historic-news-photo/1255912803

In the past 15 years, Venezuela did the same and look how GREAT they turned out.

Mexico did this after they ran out of money from seizing the Catholic Church assets.

That absolutely angers me.

TheGreatEscape said:

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"On March 18, 1938, Mexican President Lzaro Crdenas signed an order that expropriated the assets of nearly all of the foreign oil companies operating in Mexico. He later created Petrleos Mexicanos (PEMEX), a state-owned firm that held a monopoly over the Mexican oil industry, and barred all foreign oil companies from operating in Mexico. "

https://history.state.gov/milestones/1937-1945/mexican-oil

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Should have negotiated a better deal with the companies for mineral extraction and workers. If the companies wanted to be intransigent, stick them with extra worker insurance costs to the point that they would negotiate. PEMEX, Petroleos Mexicanos, sells gasoline at higher cost in Mexico than we pay at the pump here. But in Mexico, property rights for foreigners are less secure than in America.