"South of the Border", who was the enemy

This was a Gene Autry movie that came out in 1939. With an almost ASB plot, about an unnamed enemy trying to take over Mexican oil wells and setting up a submarine base, it gave us the song "South of the Border". The song had been running in my head, so I looked it up.
So who was the enemy? It could have been japan. But since it involved oil and oil was mostly on the east coast, that was unlikely. Depending on Autry's political leanings at the time, it could have been Russia. They did have something to do about a Russian exile. But I'm not sure. He wrote a song about Mother Jones in 1931 and he was a Freemason. And then the movie was made before the MR pact was announced.
The enemy could have been one of the Fascist states. I don't think it was Germany. They got their fingers burnt the last time they tried to meddle with Mexico. It could have been Italy. And since Cardenas was harboring refugees from Spain, Franco would have had the inclination. But I doubt that he had any submarines to put in a base.
So. whoever the enemy was supposed to be, it would seem ASB to pull the plot off. So who was the enemy and could they have possibly set up a submarine base?
 
No reason it couldn't have been a power which didn't have the means to in OTL; it is a work of fiction you are referencing after all. It's like how the most recent rendition of Red Dawn featured North Korea invading the USA. Ha!

Often, what makes sense in fiction makes none in real life, and that's okay.
 
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