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The role of Mexico in the first oil shortage: 1918-1922, an international perspective

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  • M. del Mar Rubio Varas

Abstract

In 1921 Mexico produced a quarter of world’s petroleum, making the country the second largest producer in the world, but by 1930 it only accounted for 3 per cent of world’s production. To date the discussion has mostly relied on events taking place in Mexico for explaining the decline of the industry. Very little attention has been placed to developments in petroleum industry elsewhere, except Venezuela. Practically no attention has been paid to the reasons for the rise of oil output in Mexico. This neglects the massive changes taking place in the petroleum industry worldwide during the Great War years and its aftermath, and overall ignores the shortage of oil that occurred in the world’s markets between 1918-1921. These are crucial events in order to understand the early rise of the Mexican oil industry and set the basis for a better understanding of the subsequent sudden decline.

Suggested Citation

  • M. del Mar Rubio Varas, 2005. "The role of Mexico in the first oil shortage: 1918-1922, an international perspective," Economics Working Papers 888, Department of Economics and Business, Universitat Pompeu Fabra.
    • Handle: RePEc:upf:upfgen:888
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    References listed on IDEAS

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    1. Rosemary Thorp, 1998. "Progress, Poverty and Exclusion: An Economic History of Latin America in the 20th Century," IDB Publications (Books), Inter-American Development Bank, number 79303, February.
    2. Haber, Stephen & Maurer, Noel & Razo, Armando, 2003. "When the Law Does Not Matter: The Rise and Decline of the Mexican Oil Industry," The Journal of Economic History, Cambridge University Press, vol. 63(1), pages 1-32, March.
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    More about this item

    Keywords

    World’s petroleum supply; Mexico; First World War; energy shortage;
    All these keywords.

    JEL classification:

    • N70 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - General, International, or Comparative
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative
    • N56 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - Latin America; Caribbean

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