Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Terry Maloney who wrote (123512)	9/19/2001 12:15:00 AM
From: marginmike	Respond to of 436258

it was-g-

To: Terry Maloney who wrote (123512)	9/19/2001 1:55:52 PM
From: John Graybill	Read Replies (1) \| Respond to of 436258

In practical terms, it is. We found it, made fair deals with people who had no possible way of realizing its use, built the refineries to produce it, and got them stolen via nationalization. If it were up to the M.E., it'd still be in the ground, every drop of it. A google search for "Saudi Arabia" + oil + nationalization gives a reasonable confirmation as its very first result: Oil was discovered in 1936 by the U.S.-owned Arabian Standard Oil Company, which later became the Arabian American Oil Company (Aramco) In 1972 the government of Saudi Arabia demanded tighter rein on its oil industry as well as participation in the oil concessions of foreign companies. Aramco (a conglomerate of several American oil companies) and the government reached an agreement in June, 1974, whereby the Saudis would take a 60% majority ownership of the company’s concessions and assets. The concept of participation was developed by the Saudi Arabian government as an alternative to nationalization. (I like that last part: If we steal all of it, that's evil nationalization, if we steal only 60% of it, that's happy "participation".) King Faisal played an active role in organizing the Arab oil embargo of 1973, directed against the United States and other nations that supported Israel. (In 1975, they took the last 40%. And remember that these guys are our friends.) bartleby.com