Fuel industry: holding hands with the seven sisters

Journal Article · Fri Oct 01 00:00:00 EDT 1976 · Environment; (United States)

DOI:https://doi.org/10.1080/00139157.1976.9928544· OSTI ID:7140243

Novick, S

The oil industry is the core of the modern fuel business, making it possible for it to have its own privately administered energy policy, according to Mr. Novick; at times it is in conflict with the policies of the Federal government and other parts of the industrial economy. The policy has been to rely on cheap imported oil and gas and to restrict development of domestic fuel supplies, he states. The creation of the oil empire since the incorporation of Standard Oil in New Jersey in 1899 is reviewed. In 1911, the U.S. Supreme Court declared that such extensive control of a commodity was a violation of the Sherman Antitrust Act of 1890. Standard Oil was controlling about 90 percent of the country's petroleum supply when it was broken up in 1911. From the 1911 action, the Standard Oil split-up ultimately resulted in six of the ''seven sisters.'' The largest of the Standard Oil units--Exxon, Mobil, Standard of Indiana, and Standard of California--are now four of the ''seven sisters'' which dominate international oil sales and control almost all marketing of oil from the Middle East. Texaco is the only non-Standard company from the U.S. in these ranks; the other two sisters are Royal/Dutch Shell, which also occupies a large place in the U.S. market, and British Petroleum, an international giant which has acquired a dominant share in Standard Oil of Ohio and its U.S. retail markets through British Petroleum's share of Alaskan oil production. The same large companies that dominate the international flow of oil also are the largest firms in U.S. retail markets. Competition, policies of OPEC, future fuel technology, and the neglect of alternatives are discussed. (MCW)

• OSTI ID: 7140243
• Journal Information: Environment; (United States), Vol. 18:8
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING
POLICY AND ECONOMY
02 PETROLEUM
PETROLEUM INDUSTRY
OPERATION
REVIEWS
CONTROL
ENERGY POLICY
FUELS
GLOBAL ASPECTS
GOVERNMENT POLICIES
INVESTMENT
MANAGEMENT
MARKET
OPEC
ORGANIZING
TRADE
USA
DOCUMENT TYPES
INDUSTRY
INTERNATIONAL ORGANIZATIONS
NORTH AMERICA
294002* - Energy Planning & Policy- Petroleum
021000 - Petroleum- Legislation & Regulations