Early analyses of the 2006 presidential election in Mexico have called our attention to the post-election process, to accusations of fraud, to the extent of partisan polarization, and to the prospects of democratic consolidation, but few have offered an explanation of why President Vicente Fox's National Action Party (PAN) was able to maintain control of the executive office, even by the slim margin of 0.56%. In this article, I argue that the first post-PRI-regime election split the anti-PRI vote into different ideological and policy-oriented camps. This made the 2006 race a choice between policy programs and priorities that reflected economic concerns, and voters' assessments of the economy were a central feature of candidate support. Economic growth in the second half of the Fox administration as well as unusually high oil prices played a crucial role in the election. They enabled the PAN candidate, Felipe Calderón, to appeal for stability and to attack his main contender, PRD candidate Andrés Manuel López Obrador, as a danger to it. Had economic growth remained slow and oil prices at the expected rate, the PAN's chances to keep the presidency would have been slim, especially against a popular leftist candidate who had a lead in the polls, promised to help the poor at the expense of the rich, and voiced harsh criticism against the “neoliberal” policies of the PRI and PAN governments.