Strikes and labor unrest were the order of the day at oil companies in 1930s Mexico. As the country became the second-largest oil producer in the world in the 1920s, foreign-owned oil companies moved in and exported most of the oil while grossly underpaying their Mexican employees. The Mexican Supreme Court created a labor agreement, which was ignored by the foreign companies. On March 18, 1938, President Lázaro Cárdenas declared all the country’s oil belonging to Mexico, seizing foreign assets. “With the expropriation of foreign oil properties, a wave of delirious enthusiasm swept over Mexico…as the people felt that a day of deliverance had come,” reported U.S. ambassador Josephus Daniels. Indeed, celebrations occurred all over the country. The expropriation, along with the founding of Mexican oil company Pemex, marked the end of foreign oil companies drilling in Mexico.