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Today in Latin American History

Mexico Nationalized all Foreign-owned Oil Properties Within Mexico in 1938

Today in Latin American history, Mexico nationalized all foreign-owned oil properties within its borders in 1938.

President and General Lázaro Cárdenas declared that all mineral and oil reserves found within Mexico belong to the nation, citing the 27th article of the 1917 constitution Cárdenas nationalized the United States and Anglo–Dutch operating companies.

Thus creating Petróleos Mexicanos, Pemex.

Other events that occurred on this day:

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