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...said, King Ibn Saud demanded from Arabian American Oil (Aramco) $6,000,000 a year for five years because his oil royalties had fallen off. Aramco could not meet this demand, so Moffett took the problem to President Roosevelt, under whom he had served as the New Deal's first housing administrator. Moffett suggested that the U.S. give Ibn Saud the $6,000,000 for five years. Aramco would pay it off by delivery of oil to the U.S. Navy. The deal fell through. But soon after, said Moffett (and a letter from Jesse Jones, then Federal Loan chief...

Author: /time Magazine | Title: OIL: The Smell of Scandal? | 5/5/1947 | See Source »

...Texas Co. First, he called Moffett's accusations of overcharging the Navy "absolutely false." Then Rodgers threw a Sunday punch. Moffett, he implied, was firing off his charges because he was trying to get control of Arabian oil himself. A year ago, Moffett had tried to persuade Ibn Saud to cancel Aramco's concession, give it to Moffett & friends. If Ibn Saud did, Moffett promised to double his royalties...

Author: /time Magazine | Title: OIL: The Smell of Scandal? | 5/5/1947 | See Source »

...this Jimmy Moffett answered, in effect-so what? He had tried to make a deal with Ibn Saud. But this action, he said, was entirely within his rights...

Author: /time Magazine | Title: OIL: The Smell of Scandal? | 5/5/1947 | See Source »

...little about the dapper, languid Abdul Illah (who likes Bond Street clothes, flowers in his buttonhole and cocker spaniels) to show that he was the son of a desert king, Ali of the Hejaz, who had been pushed from his throne,in 1925 by Arabia's flowerless, buttonless Ibn Saud...

Author: /time Magazine | Title: IRAQ: Hashimite Huddle | 4/21/1947 | See Source »

...Mediterranean: it will construct a deep-water port at Dammam, build a short railroad, install additional refinery equipment and connecting pipelines. All this, it expects, will step up production in Arabia from the current 200,000 barrels a day to 500,000, replenishing the depleted treasury of Ibn Saud by 23? for every barrel...

Author: /time Magazine | Title: OIL: The Blue-Chip Game | 3/24/1947 | See Source »

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