Down Mexico Way: The Road to Serfdom

Mexico’s pleasure in the possession of fifty billion barrels of oil which the world is clamoring to buy at stratospheric prices is tempered by profound misgivings. Not about the extent of her oil riches, however. Geologists say that oil and gas reserves already proven are enough to allow the nation to export at the current rate of 1.2 million barrels a day until well beyond the end of this century, and to provide for domestic energy needs until 2030 a.d. Moreover, they believe that still other huge Mexican oilfields are there to develop. So why the worry?

President José López Portillo is anxious that his country avoid the fate that has befallen other countries overwhelmed by an oil boom, Iran being a ghastly example. He hopes that his sweeping Global Development Plan, designed to guide all aspects of the economy, private as well as public, will “improve the distribution of wealth between the people . . . and between geographical regions.” There is a special emphasis on food, education, health, and housing, in an effort to transform Mexico into an industrial power capable, for the first time in her history, of giving the submerged half of her population a real chance in life.

GL

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George Byram Lake

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Mexico’s pleasure in the possession of fifty billion barrels of oil which the world is clamoring to buy at stratospheric prices is tempered by profound misgivings. Not about the extent of her oil riches, however. Geologists say that oil and gas reserves already proven are enough to allow the nation to export at the current rate of 1.2 million barrels a day until well beyond the end of this century, and to provide for domestic energy needs until 2030 a.d. Moreover, they believe that still other huge Mexican oilfields are there to develop. So why the worry?

President José López Portillo is anxious that his country avoid the fate that has befallen other countries overwhelmed by an oil boom, Iran being a ghastly example. He hopes that his sweeping Global Development Plan, designed to guide all aspects of the economy, private as well as public, will “improve the distribution of wealth between the people . . . and between geographical regions.” There is a special emphasis on food, education, health, and housing, in an effort to transform Mexico into an industrial power capable, for the first time in her history, of giving the submerged half of her population a real chance in life.