The role of Mexico in the first world oil shortage: 1918â€“1922, an international perspective*
Rubio, MarÃa Del Mar
Authors registered in the RePEc Author Service: Maria del Mar Rubio Varas
Revista de Historia Económica / Journal of Iberian and Latin American Economic History, 2006, vol. 24, issue 1, 69-95
In 1921 Mexico produced a quarter of the world's petroleum, making the country the second largest producer in the world, but by 1930 it only accounted for 3 per cent of production. To date, the debate surrounding this decline has relied mainly on events taking place in Mexico. Very little attention has been paid to developments elsewhere in the petroleum industry, except in Venezuela. Practically no attention has been paid to the reasons for the rise of oil output in Mexico. The massive changes which took place in the petroleum industry during the Great War years and its aftermath and especially the shortage of oil which occurred on world markets between 1918 and 1921 have been neglected. These events are crucial in order to understand the initial rise of the Mexican oil industry and help to understand the subsequent sudden decline.
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