TITLE

THE CHANGING OIL INDUSTRY

AUTHOR(S)
Duce, James Terry
PUB. DATE
July 1962
SOURCE
Foreign Affairs;Jul62, Vol. 40 Issue 4, p627
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article traces out the history of oil industry. One of the early characteristics of the industry was its trend to standardization. The codes of almost all our states are filled with inspection laws relating to the flash point of kerosene, and it was not without reason that the largest unit in the industry adopted the name "Standard" oil company. In the meantime the burgeoning demand for petroleum had raised grave doubts as to its future. The experts were at odds as to the size of the possible supply, and the political situation was complicated by boasts of irresponsible Englishmen that they had a corner on foreign supply. The prophet of this age was the British Admiral, Lord Fisher, who was charged with being an oil maniac because he insisted upon converting the British fleet from coal to oil. Today, practically all shipping is oil fired. Land boundaries are equally controversial. For instance, the positions of very few Saudi Arabian boundaries have been settled. Fortunately, the question has not so far arisen with respect to any particular producing field, but that such questions will arise shortly is not to be doubted.
ACCESSION #
14719261

 

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