U.S. Middle East Oil: The Petroleum Reserves Corporation
ARMY WAR COLL CARLISLE BARRACKS PA
Pagination or Media Count:
There is one incident recorded in which the US Government attempted to nationalize private American oil interests. During WW II the USG formed a corporation specifically for the purpose of acquiring proven foreign petroleum reserves. Under a veil of secrecy the Petroleum Reserves Corporation PRC was formed by President Roosevelt in June 1943 to buy a controlling interest in the Arabian-American Oil Company. Once the matter became public the White House fell silent. The oil company refused to sell and apparently had a greater lobby in Congress than the Executive Department. The PRC project became a dead duck. Using an extensive literature search of primary source documents, the author reconstructs this brief but important episode of wartime diplomatic history.
- Economics and Cost Analysis
- Government and Political Science