The Seven Sisters

Rockefeller's world monopoly broken

• Seven Sisters (the "majors"): Exxon (was Rockefeller's Standard Oil Co.), Shell, BP (privatized since 1979), Mobil (was Socony), Chevron (was Doheny's Socal), Gulf (was owned by Mellons until sold to Chevron), Texaco
• BP dominates Iran from 1908 Anglo-Persian Co. and built the first Mideast pipeline to refinery at Abadan
• Sykes-Picot carves up Mideast
• IPC gives 20% to Exxon 1922
• Venezuela fields opened 1922 by Creole Petroleum (49% by Standard, 36% by Shell, 14% by Gulf)

Oil companies influence policy

• Mellon & Gulf Oil Co.
• Doheny & Chevron Oil Co.
• Mr. & Mrs. Ed. Doheny with defense council Frank Hogan during 1924 Teapot Dome scandal - NY Tribune cartoon by Darling
• Elk Hill Reserve
• no antitrust after 1911
• Petroleum War Service Committee - under Baruch's WIB
  • J. Harry Covington of Covington and Burling
• Revenue Act of 1918 - restores depletion allowance
• American Petroleum Institute 1918 - cartel
• Tom Connolly & Texas Railroad Commission 1919
• "Many Faces of Texas" from Time, 1/17/1964
• East Texas field around Dallas - Dad Joiner, H.L. Hunt

U.S. joins world oil cartel

• Achnacarry 1928 - Deterding and "Gulf-plus system"
• "informal empire" - not government
• Exxon but not Chevron

Oil and the Mideast

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