March 18th marks the anniversary of a significant event in Mexican history known as the Oil Expropriation. On this day in 1938, President Lázaro Cárdenas declared the nationalization of Mexico's oil industry, seizing control of all foreign-owned oil assets within the country.
Prior to the expropriation, foreign oil companies, primarily British and American, had been operating in Mexico and reaping substantial profits from the nation's oil reserves. However, the workers in these oil fields often faced poor working conditions, low wages, and minimal benefits.
In response to these conditions and in an effort to reclaim control over their natural resources, Cárdenas's government expropriated all foreign oil assets and created the state-owned oil company, Petróleos Mexicanos (PEMEX). This move was met with international controversy and diplomatic tensions, as foreign companies sought compensation for their seized assets.
However, the expropriation was widely supported by the Mexican people and is celebrated as a symbol of national sovereignty and economic independence. March 18th is commemorated in Mexico as a day to honor this historic event and to reflect on the importance of protecting the country's natural resources for the benefit of its citizens.
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