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Week 08 - ReadingStudyGuide

Week 08 - ReadingStudyGuide - Week 8 INTB 3351 History of...

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Week 8 - INTB 3351 History of Globalization Reading Study Guide Anthony Sampson, The Seven Sisters , pp. 104-166 (PDF file in WebCT, Week 8) 1. How and why did the American oil companies, Socal (Chevron) and Texaco, gain the oil concession in Saudi Arabia, as opposed to the other major oil companies? The concessions were originally offered to the British but they felt they had enough oil in Iraq and Iran so Frank Holmes (who saw great potential in Bahrain) went to the U.S. and sold the concession. First Exxon was offer the bid at $50,000 but Walter Teagle rejected it. Then it was pass on to Gulf, but due to the red-line agreement gulf could not explore inside the Redline without other members. Gulf would later passed it on to Socal, who bought it but not without trouble (they had to use a Canadian subsidiary). In 1931, Socal struck oil. Years later in 1936, Socal need a partner that was also outside of the boundaries of the Redline, Texaco. Why was the ruler of Saudi Arabia eager to do business with the Americans?(pp. 104-109) The king needed money.
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