Saturday, November 12, 2011

"Before the Bolshevik revolt, Russia had succeeded the US as the world's number one oil producer. The chaos and destruction of the revolution effectively eliminated Standard Oil's competition from Russia for several years until Standard could move in and get a piece of the Russian oil business.
In 1926, Standard Oil of New York and its subsidiary, Vacuum Oil Company, concluded a deal to market Soviet oil in European countries. Part of the price for the arrangement, it was reported at the time, was a loan of $75,000,000 to the Bolsheviks. In 1927, Russia's secret partner, Standard Oil of New York, built an oil refinery in Russia. The refinery helped immeasurably in putting the Bolshevik economy back on its feet. According to Professor Sutton," This was the first United States investment in Russia since the Revolution." (We have been unable to find out if Standard Oil was even theoretically expropriated by the Communists.) "  http://www.whale.to/b/allen_b.html#Chapter_Four_

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