Term
| California- Arabian Standard Oil Company (Casoc) |
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Definition
| Standard of California and Texaco were the only two US private companies operating in Arabian oil |
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| theory that the US and its government had to control and develop foreign oil reserves in order to reduce the drain on domestic supplies, conserve them for the future and thus guarantee American Security |
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Definition
| direct US government involvement in Saudi to protect companies against Britain and support private investment |
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| Petroleum Reserves Corporation- |
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Definition
| created by Ickes to gain ownership of oil reserve land in Saudi- the government would build a pipeline to carry oil from Saudi to Mediterranean in return for companies establishing a 1 billion barrel reserve for the military which would be purchased at 25% discount |
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| trust formed to regulate prices and output |
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| Anglo-American Petroleum Agreement- |
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Definition
| to ensure equity to all parties including producing countries. Never went through |
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Term
| International Petroleum Commission- |
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Definition
| prepare estimates for global oil demand and allocate suggest production quotas to various countries. Later it precluded from touching American productions |
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| the first year that imports of oil exceeded exports for the first time |
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| The Arabian American Oil Company (Aramco)- |
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Definition
| joint venture between Socal and Texaco to develop Saudi. Later Jersey and Socony would join the company |
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Term
| The Trans-Arabian Pipeline (tapline)- |
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Definition
| 1040 mile pipeline built from the desert of the Persian Gulf to the Mediterranean to gain access to European Markets |
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Definition
| provided that the participants of Iraq Petroleum Company could not operate independently anywhere inside the red line |
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Term
| Supervening Illegality (“Bombshell”)- |
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Definition
| Jersey and Socony found that the entire IPC agreement was made null and void |
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Term
| Truman Doctrine (“All-out speech”)- |
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Definition
| President Truman’s speech proposing special aid to Greece and Turkey to enable them to resist communist pressure |
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Term
| Group Agreement of November 1948- |
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Definition
| reconstituted the IPC without the Red Line Agreement |
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Definition
| Joint venture between Gulf (whose oil would flow through Royal Dutch Shell) and Anglo-Iranian |
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Definition
| contract provided for 50/50 split of profits, profits being defined as final selling price minus all costs |
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Definition
| Jersey Socony and Anglo-Iranian signed a 20 year contract |
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Term
| The European Recovery Plan (the Marshall Plan)- |
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Definition
| foreign aid program that would help revive and reconstruct the economies of Western Europe and contain Soviet Power- made Europe change from a coal based economy toward one based on imported oil |
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| huge $10 billion program that would be capable of producing two million barrels per day of synthetic fuels |
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Definition
| drilled offshore site off the Louisiana cost and struck oil |
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Definition
| hooked up LA by a large-diameter pipeline to the gas field in New Mexico and West Texas |
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Term
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Definition
| the difference between the market price and the cost of production plus an allowance for additional costs and some return on capital |
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| students that would redefine the relationship between oil companies and producing companies, particularly the reallocation of rents |
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Definition
| dominate producers were Jersey and Shell |
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Definition
| royalties and taxes would be raised to the point at which the government’s take would about equal the companies’ net profits |
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Term
| International Basic Economy Corporation- |
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Definition
| meant to fund development projects and business in Venezuela |
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Definition
| area between Saudi Arabia and Kuwait |
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Term
| American Independent Oil Company (Aminoil) |
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Definition
| consortium won the concessions in Kuwait |
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Definition
| Getty’s company that held interest in Saudi’s neutral zone |
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Definition
| legislation stated that an American company operating overseas could deduct from its US income tax what it paid in foreign taxes |
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Term
| Battle between the Minister and Manager- |
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Definition
| fights between Anglo-Iranian and the British government |
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Term
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Definition
| the imminent 50/50 deal in Saudi Arabia |
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Definition
| proposal for military intervention after the nationalization of Anglo-Iranian |
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Definition
| Abadan- site of the world’s largest refinery located in Iran |
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Definition
| Operation Ajax- plan to overthrow Mossadegh |
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| “Mr. Scar on Right Forehead” |
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| International Petroleum Cartel- |
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Definition
| study of historical analysis of the international relationships among the companies- thesis was that international oil was indeed a cartel |
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Definition
| Anglo-Iranian Oil Company, Shell, Jersey, Socony, Texaco, Socal, Gulf, Iricon (9 independent oil companies) and CFP |
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Definition
| linked the Red Sea and the Mediterranean Sea and was the highway of oil |
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Definition
| name of powerful radio station that called for the rejection of the West and threatened other Arab regimes in the region |
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Definition
| allowed Britain to maintain a military base and a large supply center in the Canal |
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Definition
| the code word for Egypt military to take control of the canal |
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Term
| Middle East Emergency Committee- |
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Definition
| meant to figure out how to supply Western Europe if the canal was blocked |
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Definition
| the cooperative venture of governments and oil companies of both Europe and US |
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| higher taxi fares because of net taxes on oil |
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| Eisenhower and Macmilan (prime minster) met and discussed oil and Middle Eastern security |
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Definition
| hydrocarbon companies new entity in Italy with 36 subsidiaries |
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Definition
| Jersey (Exxon), Socony (Mobil), Standard of California (Chevron), Texaco, Gulf, Royal Dutch/Shell, BP |
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Definition
| Japanese consortium operating in Saudi (56/44) and Kuwait (57/43) |
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Definition
| made a deal with Iran along the lines of Mattei’s 75/25 joint venture |
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Definition
| joint venture with Syria and Egypt who dominated the transit routes for Middle Eastern petroleum |
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Definition
| difference between the official posted price of oil (held constant) and the actual market price which was dropping |
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Term
| Soviet Economic Offensive- |
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Definition
| Russia wanted whatever buyers it could obtain and it cut prices to get them |
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Definition
| governments established an Oil Consultative Commission during Arab Oil Congress- first real steps toward OPEC |
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Definition
| Organization of Petroleum Exporting Countries |
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Definition
| between France and Algeria (in Africa) gave France its position in the Sahara |
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| French companies RAP merged with BRP |
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| government’s take would be pegged to the actual market price for its oil, which was lower than the increasingly fictional posted price |
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Definition
| Standard of NJ made a big strike in Libya and its “sweet” crude |
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Term
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Definition
| The Persian Gulf was called this because it was the swing area |
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Term
| Mexican Merry go Round (Brownsville U turn) |
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Definition
| Mexican oil was shipped by tanker to the border town where it was put into trucks and so the oil was then technically shipped overland |
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Term
| Ministry of International Trade and Industry (MITI)- |
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Definition
| developed to restructure the Japanese petroleum industry so that independent Japanese refiners would gain market share in competition |
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Definition
| sold low cost gasoline under the Jet name |
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Definition
| became a prototype for postwar suburb |
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| the busiest toll road in the US |
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Definition
| provided for a 41,000 mile superhighway system crisscrossing the nation |
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Definition
| the third Arab-Israeli War |
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Definition
| attempted to deal with the new political and economic constraints American power by depending upon strong friendly local powers as regional policeman |
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Definition
| BP / Sinclair and Humble / Richfield (ARCO) found struck big here in Alaska |
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Term
| Players in the North Slope- |
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Definition
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Definition
| 800 mile pipeline that would end up in the port of Valdez |
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Term
| Revolutionary command Council- |
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Definition
| goal was to overthrow the current Libyan government, shut down the British and American military bases, expel the Italian population, and close Catholic churches |
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Definition
| secret understanding that if any company had its production cut back because it had stood up to the Qaddafi government than other companies would provide replacement oil |
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Definition
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Term
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Definition
| Nixon fired the special prosecutor Archibald Cox who had been appointed to investigate the Watergate Scandal and who had subpoenaed the President’s secret office tape recordings |
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Term
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Definition
| due to the tightness of the market, it was meant to distribute supplies evenly around the country |
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Term
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Definition
| Nixon said by the end of this decade we will have developed the potential to meet our own energy needs without depending on any foreign energy source |
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Term
| International Energy Agency- |
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Definition
| charged with managing an emergency sharing program and with harmonizing and making parallel the energy policies of the Western countries |
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Term
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Definition
| the oil rents flooding into the treasuries of the exporters added up to a huge withdrawal of the industrial west’s purchasing power |
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Term
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Definition
| for bushels deal- the US would import Soviet oil in exchange for American wheat |
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Definition
| gave the Shah a free hand to buy as many American weapons as long as they were not nuclear |
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Definition
| established for regional security once British withdrawal from the Gulf- Iran and Saudi were the pillars and Iran was the Big Pillar |
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Definition
| all oil companies’ concessions in the country would revert to Venezuela once the concession terms ended and policy of no new concessions |
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Definition
| Venezuela’s state holding company |
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Term
| International Energy Agency- |
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Definition
| way to bring the Western countries’ policies into parallel, provide a forum for evaluation, and work out targets for government |
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Term
| Moral Equivalent of war (MEOW)- |
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Definition
| let domestic oil, which was under price controls, rise to world market prices so that consumers could react to correct price signals |
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Term
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Definition
| there is an inevitable and inescapably close relationship between economic growth rates and the growth rates for energy and oil use |
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Definition
| main production area in Iran |
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Term
| Camp David Peace Accords- |
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Definition
| with Egypt and Israel, strategic arms negotiations with the Soviets, normalization of relations with China |
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Definition
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Definition
| place where buyers go to get discounted oil |
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Definition
| producers vying with each other to raise prices |
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Definition
| bruising competition for supply among purchasers |
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Definition
| Saudi Arabia insisted that Aramco companies sell at official prices |
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Definition
| an attempt by any outside force to gain control of the Persian Gulf will be regarded as an assault on the vital interests of the US and will be repelled by any means necessary |
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Definition
| military Pan Arabic, aiming to create a single Arab nation and denounced the West and imperialism |
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Term
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Definition
| the value of a company’s shares did not fully reflect what its oil and gas reserves would fetch in the marketplace |
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Definition
| Mexico could not pay its debt so it advised a debt moratorium with the US |
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Definition
| most expensive dry hole in the history (structure off of Alaska coast) |
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Definition
| companies would buy back its stock at a higher price and sharply consolidating its own activities and employment |
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Definition
| trade relations among the industrial countries |
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Definition
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Definition
| refiner would be guaranteed a predetermined profit and the refiners profit would be locked in so he would not have any particular compulsion to strive for higher prices |
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