Thousands Protest Pena Nieto's Privatization of the Nation's Oil RuptlyTV
go to original March 19, 2014

Around 10,000 people protesting President Enrique Peña Nieto reforms allowing the privatization of Mexico's energy industry gathered in Zocalo, Mexico City's main square on Tuesday.

The rally was held on the 76th anniversary of the expropriation of Mexican oil in 1938, implemented by President Lázaro Cárdenas when he expelled U.S. and U.K. owned oil companies and created state-owned Petroleos Mexicanos (PEMEX).

The rally was called for by the SME (Sindicato Mexicano de Electricistas), CNTE (Coordinadora Nacional de Trabajadores de la Educación), and attended by several officials including Cuahtémoc Cárdenas, son of President Lázaro Cárdenas.

After it was passed by Congress, Peña Nieto signed a bill in December 2013 which will see foreign companies allowed to drill for oil on Mexican soil for the first time since 1938. The bill also allows foreign investment in electricity and gas.

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