John Galt, good points pretty much as nationalization of foreign-owned industries rarely worked (as Morales will soon find out in Bolivia). However, it is unfair to lump Mexico in with the other countries because it did work there. When Cardenas nationalized Mexican oil in the late 1930's, Mexico was still a backward country still trying to crawl itself out of the Revolution era. At the time Cardenas did this, the US responded with a boycott on Mexican oil and Cardenas came close to having to declare bankruptcy before the outbreak of WWII helped him out and the US needed oil. The money brought in from oil over the next 15 years, totally changed Mexico from a backward country to an industrializing nation. The expropriation of foreign-owned oil companies was the catalyst to the Mexican economy's boom. Now, during the 1980's it was a combination of mismanaged funds and a drop in oil prices that caused Mexico to almost declare bankruptcy, but the original nationalization of oil greatly helped the Mexican economy and is the main reason why Cardenas is still seen as Mexico's greatest president (along with agrarian reform).
Also, I read somewhere that the vast majority of Alaskan oil is sour and couldn't be used for gas. Is that true?
Also, I read somewhere that the vast majority of Alaskan oil is sour and couldn't be used for gas. Is that true?
