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Over the years Socal was joined by three other oil giants?Exxon, Texaco and Mobil???to form the Arabian American Oil Co. (Aramco). Western-owned oil companies in the Middle East were able to drive one-sided bargains with the weak, quarreling and often ignorant Arab regimes. The corporations controlled exploration, production, shipping and marketing, and paid the governments as little as they could...

Author: /time Magazine | Title: ENERGY: The Arabs' New Oil Squeeze: Dimouts, Slowdowns, Chills | 11/19/1973 | See Source »

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