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| • Prominent buyer of Russian oil |
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Chairman of Standard of NJ in 1960s
o Aka ‘Jack’
o Studied chemical engineering; worked in a refinery in Baton Rouge—general manager by age 31
o Problem: spend his entire career in the U.S.—didn’t know how Mid. East would react to another cut of the Posted Price |
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Jersey’s Expert Middle East negotiator
o Man who had put together the Iranian consortium
o Greatly disagreed with Rathbone’s decision to cut prices
o Suggested Rathbone consult with the governments of producing companies before cutting prices |
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| the Organization of Petroleum Exporting Countries-OPEC |
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Definition
o On September 14, 1960
• Goal: defend prices and restore them to the pre-cut level
• Insisted that companies talk to them before they make decisions that affect the national revenues
• Called for a system of ‘regulation of production’
• This was the first collective act of sovereignty on the part of oil exporters |
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| OPEC’s first Secretary General (Iranian) |
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• 2 Achievements in the Year
o ensured that oil companies would be cautious about taking major steps unilaterally, without consultation
o companies wouldn’t dare cut prices again |
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Term
| o King Faisal of Saudi Arabia |
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Definition
| was oriented toward the West; competition developed between Saudi Arabia and Egypt, which culminated in their war in Yemen |
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| was pursuing a stable relationship with the U.S. and became a key country in the Alliance for Progress of the Kennedy/Johnson administration |
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| (the 2 major producers) did not like each other and couldn’t unite even with Nasser’s ascent and threat to impose nationalism throughout the Middle East |
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| o Tariki, who aligned himself with King Saud, was fired with King Faisal came to power and was replaced with |
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| resigned in 1963, upset about OPEC’s ineffectiveness and failure to produce benefits for Venezuela |
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| was considered the new frontier |
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| Regie Autonome des Petroles (RAP) |
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Definition
o 1956, another French state company
discovered oil in Algeria in the Sahara
• first time France would have control of oil resources that wer outside the Mid. East and beyond the reach of “Anglo-Saxons”
• the Sahara would free France from dependence upon foreigners |
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• had turned ENI and its oil subsidiary AGIP into a world force
• took on established oil companies and the U.S. gov./NATO
• 1962 his plane crashed |
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Term
| • The “Mexican Merry-go-Round” aka the “Browsnvile U-turn” |
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Definition
o Since national security was the purpose of the quotas, oil that came ‘overland’ to the U.S. from Mexico or Canada was deemed more secure than oil shipped in tankers, and was given certain preference and exemption, which also happened to help political relations with those countries.
o However, there were no pipelines from Mexico, and oil was not going to be trucked.
o Therefore, Mexican oil was shipped by tanker to the border town of Brownsville, TX. From there it was put into trucks, driven across the bridge into Mexico and around a traffic circle, and then back across the bridge into Brownsville, where it was reloaded into tankers for shipment to the northeast. Therefore, it was technically shipped over land |
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| chairman of the Council on Foreign Economic Policy, told Sec. of State Dulles that those who were invoking ‘national security’ to restrict imports were all mixed up. If national security was the concern, the best thing to do was encourage imports in order to preserve domestic reserve |
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| country in the southeast corner of the Arabian peninsula emerged as an oil play |
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| was called the Surge Pot because it was the “swing area |
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