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The oil industry tried several approaches to controlling oil supplies and prices. Large oil companies such as Standard Oil of New Jersey and Royal Dutch/Shell began informal meetings to divide overseas markets and set prices, a tactic impossible within the United States because of antitrust laws. Abroad the oil companies went so far as to specify the amount of advertising each company could do in protected markets, but such agreements were always unsteady and were often violated. In America oil companies attempted to control supplies via government regulation. They succeeded in getting Congress to pass a high duty on imported oil, thus protecting the domestic market. In Texas the state legislature stretched the authority of the state railroad commission in an attempt to shut down oil production, but illegal production and sale of oil continued. Federal control was necessary. The Roosevelt administration, committed to...
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This section contains 315 words (approx. 2 pages at 300 words per page) |
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