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The Oil Cartel Case - A Documentary Study of Antitrust Activity in the Cold War Era (Hardcover)
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The Oil Cartel Case - A Documentary Study of Antitrust Activity in the Cold War Era (Hardcover)
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A scholarly footnote for the growing body of petroleum literature,
which details how and why the Justice Department's protracted
antitrust action against the top international off companies became
a casualty of the Cold War. In 1953 federal prosecutors formally
accused America's Exxon, Gulf, Mobil, Standard Oil of California,
and Texaco, plus Europe's British Petroleum and Royal Dutch Shell,
of violating antitrust law. The so-called Seven Sisters were
charged with conspiring since the 1920s to regulate the flow of
Mideast crude and to allocate world markets including lucrative US
outlets. Proceedings dragged on without a trial for 15 years. Three
of the five defendants within the government's jurisdiction signed
innocuous consent agreements; charges against two (Mobil and Socal)
eventually were dropped altogether. Using official files released
through the Freedom of Information Act, Kaufman focuses on the
presumed need to contain USSR aggression that quickly undercut the
antitrust case. An incipient crisis in Iran - threatening the
Continent's off supplies and allowing Soviet penetration-induced
Truman to make Justice's suit a civil rather than criminal matter.
Likewise, during the Arab-Israeli conflict that closed the Suez
Canal, Eisenhower, at State Department urging, encouraged the
multinational oil companies to cooperate in the interests of
national security. This sort of collusive action in restraint of
trade was precisely what prosecutors had in mind when seeking
indictments in the first place. But, overtaken by events that left
the oil majors in control of key supply sources, they could only
haggle about Stateside marketing operations. Almost half this slim
volume is given over to an appendix of original documents,
primarily Justice Department memorandums on the pre-OPEC cartel.
While the book sheds light on a generally overlooked aspect of
petroleum-industry history, it's essentially of interest to
specialists. (Kirkus Reviews)
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