Ths book examines the efforts made by the British government of the period to lessen its dependence on American oil supplies, the emergence of Venezuela as the largest single British oil supplier in the early 1930s, and the changing structure of the oil industry both in the US and Europe. It draws almost entirely on primary sources.

Ths book examines the efforts made by the British government of the period to lessen its dependence on American oil supplies, the emergence of Venezuela as the largest single British oil supplier in the early 1930s, and the changing structure of the oil industry both in the US and Europe. It draws almost entirely on primary sources.

After looking briefly at the reasons for the oil fraternity’s choice of Venezuela, the book examines the relationship between Gómez’s government and the oil companies during this period. It deals with the government’s initial encouragement, legislation, and unsuccessful attempts to increase production from the small number of companies operating before 1919. The important local links between the oil companies and vested interests, including Gómez’s family and entourage, are examined to determine the level of interaction between the two groups. The socio-economic effects of the companies are looked at in detail to ascertain their impact, both regionally and nationally, on agriculture, trade, currency fluctuations, industry and politics. Finally, the government’s reaction to this and the degree of control exercised over the exploitation of its natural resources are examined.