Mexico has recently opened up its oil industry, which had been under exclusive state control for the past 75 years, to private investment: a move that will very likely reconfigure the Latin American oil industry in the decades to come. Other Latin American governments of all political tendencies are now enthusiastically courting foreign investment in oil. This all would seem to proclaim a new liberalization cycle in the industry. Although this trend started before the oil price collapse, it has been strengthened by plunging prices. However, if history is any guide, resource nationalism is unlikely to go away.