The Mexican oil boom of the 1970s brought great hope and prosperity with it. George Grayson shows the influence of oil and the oil sector both within Mexican society and in its relations with other nations. He traces the development of the oil industry from its beginnings in 1901 up until the 1980s, looking at topics that include the history of expropriation; the creation of the state-run company Petr—leos Mexicanos; graft and corruption within the Oil Workers Union; Mexico's relations with OPEC; the political nuances of oil and gas agreements with the United States; and the prospects for the Mexican oil industry and domestic reforms generated from oil revenue.

Analyzing the effects of Mexico's newly flourishing petroleum industry, Dr. Millor first traces the evolution of Mexico's oil development and provides a detailed assessment of its socioeconomic, political, and ecological consequences and of the Mexican government's current energy policies. In his subsequent examination of U.S.-Mexican relations, he emphasizes that, aside from the issues directly related to Mexico's petroleum, a complex assortment of concerns remain unresolved between the two nations—illegal immigration, drug traffic, terms of technical and scientific cooperation, restrictions on Mexican exports in the U.S. market, and the more assertive foreign policy stance recently taken by Mexico. Dr. Millor argues that, far from representing a clear case of positive growth for Mexico, petroleum could bring about distorted development and increased dependency, as well as a difficult period of relations with the U.S. If a stable association between the two governments is to emerge, he concludes, U.S. policymakers must understand the changes taking place in Mexico and accept its emergence as a middle power with autonomous goals. Representing both the Mexican and the U.S. point of view, this study contributes much to a better understanding of the significance of oil for Mexican development and to a balanced assessment of present and future U.S.-Mexican relations.