Although presidential succession in Mexico is shrouded in mystery, this article suggests an indirect method of understanding the politics surrounding that process. The fundamental framework of presidential politics has changed in the 1970s from populist redistribution to oil patronage. Such a change has involved the collapse of traditional, party-led populism at the end of the Echeverria presidency and the reorientation of the Mexican economy during President Lopez Portillo's “Alliance for Production,” made possible largely by the oil boom. The conservative tone of Lopez Portillo's administration, combined with the relative strengthening of the state via increased public spending, has shaped policy choices for the new president, Miguel de la Madrid. The conjuncture of the collapse of populism and the rise and fall of the oil-boom economy results in a state whose political flexibility is limited by the weakness of “new populist” politics, while oil patronage is reduced by fiscal constraints and external payments crises.