The Oil Industry In The 1930's
During the 1930’s, as the world suffered the effects of a wide spread depression, many industries were either shrinking or disappearing, with one exception: the oil industry. Despite the economical and social hardships enveloping this time period, oil had become a necessity and as such, it was dealt with differently. Being the the main source of fuel and lightings for millions of people, constituting a variety of countries, exploration for the next generations supply of oil was as exuberant as it had ever been. As the masses became ever-more dependent on this resource, government and world leaders began to play a bigger roll in an industry once dominated by big business. In the fifth installment of the Prize titled, “Crude Diplomacy,” we …show more content…
began to deploy the Navy and Marines to the areas surrounding Bahrain and Saudi Arabia. These action were in anticipation of a Russian invasion, in which case, stationed soldiers would destroy any oil wells that could potentially fall to Russian forces. As fear of communism continued to grow, the U.S. also set forth the Marshall Plan. The purpose of the Marshall Plan was to help Eastern European nations recover from the war by granting them $13 billion dollars in aid. Leaders in the U.S. believed that if the struggling nations were assisted in their recovery, they would not turn to communism as an alternative solution. The steady supply of oil from Arabia and other Middle Eastern nations also helped accelerate the recovery process, and as a result, the spread of communism was somewhat curbed. In 1947, as more nations converted from coal to oil, a crucial oil deal was made with the intent to more efficiently supply the worlds growing demand. As part of the deal, the original partners in the ARAMCO concession, TEXACO and SOCAL (Chevron) were joined by two other companies, ESSO (EXXON) and Socony Vacuum (Mobile). The theory was that the addition of these new partners would help to better supply and finance the production of …show more content…
As I verified the spelling of King Ibn Saud’s name on the internet, I came across an article in which he was said to have fathered more than 40 sons and an unspecified number of daughters! That number was quite shocking to me, and immediately made a connection in my mind between this man and a rabbit. Another interesting fact I came across involved the topic of nationalization. I had no clue that national governments could take privately held assets, and convert them to government/national
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180 Words | 1 PagesThe petroleum market rose in 1859 after former rail director Edwin Drake successfully unearthed an oil well with his own oil drill. After this breakthrough, investors realized that oil sites made more financial sense than whaling voyages. Whaling was dangerous, time-consuming, and expensive—while often yielding no profit. But oil drilling was generally risk-free, would not cost anyone’s life, and was more likely to yield something profitable with the reliability of Drake’s oil drill. Consequently, many whaling ports lost their funding to oil sites, and kerosene replaced whale oil as America’s leading natural resource.
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How Did Rockefeller's Impact On The Oil Industry
731 Words | 3 PagesTo buy land to drill for oil was a risky investment, “men paid high prices for land that proved barren as Sahara” but would in turn open it up to find “the gush” of oil (Nevins). This uncertainty was evident to Rockefeller and he found that “if production was highly speculative, refining offered greater certainties” (Nevins). In 1857, “one of the first connected with refining oil, Samuel Andrews” (Nevins) had come to Cleveland eager to launch a business. He spoke with Rockefeller’s business partner Clark about starting up this business as “Clark had money” (Nevins) as did Rockefeller, and nonetheless “the refining firm of Andrews, Clark & Co. was organized in 1863” (Nevins). From the very beginning, two things bothered Rockefeller, “the appalling waste and the fluctuating prices” (Folsom).
Truman Document Analysis
1080 Words | 5 PagesTo prevent European countries from turning communist, the U.S issued the Truman Doctrine in 1947 which was a speech spoken by Truman promising to take matters into his own hands to prevent communism from spreading and the Marshall Plan which was an economic plan in 1948. That same year, the Soviet Union decided to cut off West Berlin from West Germany in order for the people who lived in West Berlin to abandon their homes. The U.S and Great Britain both dropped supplies of food and fuel into West
Marshall Plan Dbq
1053 Words | 5 PagesThis source is very useful to a historian, it explains the Soviet response to the Marshall Plan, and they believed it was a clear example of American economic imperialism. They believed the Americans were trying to undermine the Soviet sphere of influence in Europe by taking over countries and making them dependant on the US dollar so that they could not turn to communism, if they did they would face the risk of having their aid stopped. From my own knowledge, I know that one condition of receiving the aid was that countries would have to share their economic information with the USA. The soviets believed that the Marshall Plan was an attempt to place countries under their economic and political control, as demonstrated by the fact they had to share economic information. The plan was perceived as having ideological reasons and the USA were trying to control countries by making them reliant on the dollar and through fear of this money being taken away if they turned to Communism, undermining and posing a clear threat to Soviet influence in eastern
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680 Words | 3 PagesThis is in response to America’s fears of communism. The Marshall Plan is sort of an expansion of the Truman plan. Berlin is in Soviet influence but the United Sates and her allies have half of that city under
Oil Industry In The 1920s Essay
1329 Words | 6 PagesThe 1920s were a time of dramatic change in the United States after the end of WWI. There was a boom in culture, the economy, and the morality of the country. One business that was booming was the oil industry. The demand for oil was increasing because of the use of new transportation methods being used in WWI. The oil companies were trying to keep up with the demand and were always on the search for new reserves for oil wells.
Gas Prices In The 1920s
117 Words | 1 Pages“Even if gas prices fall, consumers will continue to be gouged at the pump,” says Major Owens, a former New York politician. During 1920, many Americans were spilling their money towards yearnings and urgencies. A mense amount of money is lost due one main urgency, gas. Modern gas prices and gas prices in 1920, have a mense amount of differences a whole. Certain factors carry close contrasts through their differences such as price, minimum wage, and the overall percentage of income devoted to gas.
What Was The Importance Of The Marshall Plan
724 Words | 3 PagesEurope remained ravaged by war and thus susceptible to exploitation by an internal and external Communist threat. The only major power in the world that was not significantly damaged was the United States. The Marshall Plan (officially the European Recovery Program, ERP) was an American initiative to aid Western Europe, in which the United States gave $13 billion) in economic support to help rebuild Western European economies after the end of World War II.
Swot Analysis Of Exxon Mobil
1039 Words | 5 PagesExxon Mobil’s products are used for transportation but also a “fuel” for powering many cities’ streets around the world. They also produce lubricants that are widely used in factories to power their machinery. Furthermore, Exxon Mobil is a company that is contributing to further production of numerous consumer goods. The fact that shows how important role they have been playing in this industry is that the Wright brothers used their lubricants to power the first flight ever. Also, in the late 1920s other explorers used the Exxon Mobil oil and lubricants to succeed in the flights across the Atlantic.
Compare And Contrast The Soviet Union And The Marshall Plan
336 Words | 2 PagesWith the United States and Soviet Union having conflict with each other, it was difficult for each other to confront on the battlefield due to threats occurring for years. Not only were there threats against one another, but there was also struggle politically and economically. In order to build an economy with Europe and contain it within the Soviet Union, the Marshall Plan was passed to help the European countries. Also, the Molotov Plan was created by the Soviet Minister to help with the country. In other words, both the Marshall Plan and Molotov Plan came together as one to create plans to weaken the economy in other countries that were their enemies.
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