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| o Fantastically successful stockbroker in England (early nineteenth century) |
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| o Developed the concept that was to provide the framework for the battle between nation-states and oil companies.= the notion of “rents” |
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| • Defined as 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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| • Dictator General Gomez’s |
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death created the opportunity for reform in the country
• Reform began with Generation of ‘28
o Students of Universidad Central in Caracas who rebelled against Gomez in 1928
o Would redefine the relationship between oil companies and producing countries (tenant and landlord), particularly the reallocation of rents |
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opposed the traditionalists of Jersey who sought to keep rents as they were
Jersey Geologist and then senior exec.
Long experience in Latin America; thought that change to the world was inevitable, and if Jersey could not change with it, it would lose its concessions in Venezuela which it could not afford |
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Jersey’s “top man” in Venezuela
Sympathized with Venezuela’s political situation due to his involvement with Mexico |
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U.S. Undersecretary of State
Advised Venezuela to use consultants to decide how to proceed with the reform
Pressed Royal Dutch/Shell (and British gov) to go along with the plan |
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• First president of Venezuela after the interim gov. was toppled
• Leader of Generation of ’28 and secretary general of the Accion Democratica |
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| o Juan Pablo Perez Alfonzo |
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• Minister of development
• Increased income tax so that the 50/50 law really was 50/50
• Try to gain profit from downstream sector of industry (transportation, marketing, refining)
• Wanted the royalties from downstream to be pain in oil, which he sold on the world market |
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• Asked to establish a new enterprise: the International Basic Economy Corporation
• Corporation meant to fund development projects and business in Venezuela |
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o Former Standard of California marketing exec
o Harold Ickels deputy at Pet. Administration for War—then head of the Oil and Gas division in the Department of Interior
o Organized a consortium to big on Kuwait (included Phillips, Ashland, and Sinclair) = Aminoil aka American Independent Oil Company
o With the help of JIM BROOKS (pg 420) Aminoil won concessions in Kuwait |
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| o Would become the richest man in American due to the Saudi concessions in the Neutral Zone |
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| constantly seeking to win victories, to exert power over people, and then, to betray those who depended upon him or put their trust in him. He was certainly no more trusting than Gulbenkian”—pg 421 |
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o couldn’t stand to lose in a contest or share authority
o launched on a life of wild romance and sexual adventure, with a special predilection for teenage girls |
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o true love = Madame Marguerite Tallasou
o made his fortune through buying stock in oil companies during the Depression; those stocks eventually rose and he made millions |
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o to save money during the Depressions he fired all of his employees only to hire them back at a lower salary
o hired Paul Walton for the Rocky Mountain Division of his Pacific Western oil company
Getty Won the Concession |
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• attended MIT
• Worked for Standard of California in Saudi Arabia
• Point man for making deals with Saudis for Getty
• Met with Abdullah Suleiman (financial minister who had conducted the negotiations for the original Socal concession) who took him over the desert. Walton gave Getty a 50/50 chance of discovering vast amounts of oil |
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| (financial minister who had conducted the negotiations for the original Socal concession) who took him over the desert. |
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