Word: cartelism
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Dates: during 1950-1959
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Like a deft stripteaser, the Administration has for months been peeling off just enough tantalizing gossamer to give the customers some tempting glimpses of a "secret oil cartel." The Federal Trade Commission, which had been poring over subpoenaed oil-company records since early 1950, unpeeled the first rumor in March: it had recently completed a 900-page report, so shocking that the public could not be permitted...
...Small Business Committee's name put on the report (which it had done nothing to prepare), wrote his own introduction to it. He distributed only a limited edition (35 copies) to newsmen and let them hunt for the details of the wicked international oil cartel they had heard so much about. But for all of Sparkman's buildup, the document turned out to be little but ancient history, nearly all of it available in college economics books. Items...
...State Department blessings, and agreed on a broad policy to stabilize markets in the postwar world, the U.S. oilmen were worried. President J. Howard Pew of Sun Oil Co. attacked the agreement as a "blank check" to the Government that would involve the domestic oil industry in a "vicious cartel system...
...Senate refused to ratify the agreement. Since then, the source of the anti-cartel rumblings has changed. Last year the Federal Trade Commission prepared a secret 900-page study of the situation. Last week Missouri's Senator Tom Hennings, probably prodded by independent oilmen, exploded the whole question into the open, thus forcing the Attorney General to order a grand jury investigation. Said Hennings: "Prices are predetermined and fixed by the Big Seven* under an ingenious basing point system [which] runs under the direct supervision of central authorities in London and New York with the precision of a fine...
...Standard Oil of New Jersey's President Eugene Holman made a blanket denial. Said he: "We hope the investigation will, once and for all, put a stop to loose and irresponsible talk about this company's foreign business. We do not believe there is an international oil cartel-certainly we are not party...