The Texas Railroad Commission's response to this depression era oil glut was a level of state regulation in terms of controlling production that the US and UK did not want to export abroad. If countries outside the United States were able to control production, they would have an enormous leverage towards these oil companies. Through, basically through controlling production, you also control the profits. So controlling production is a key part of the issue.
Featuring Giuliano Garavini on his book The Rise and Fall of OPEC in the Twentieth Century. The first of a two-part series on the 20th-century history of petrostates, petrocapitalists, and the world system.
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