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Competition and Monopoly in World Oil Markets: The Role of the International Oil Companies

Author

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  • Richard B. Mancke

    (Fletcher School of Law and Diplomacy, Tufts University)

Abstract

Since the early 1870s, when John D. Rockefeller began assembling Standard Oil of New Jersey, the large, usually American-owned and -managed, oil companies have been the most famous and con- troversial business enterprises in the United States as well as throughout most of the world.’ Even if there had never been a Rockefeller or a Standard Oil, however, the oil companies’ long- standing worldwide notoriety was almost certainly inevitable in view of oil’s importance in fueling most of the world’s nations as well as the special characteristics of the crude-oil production pro- cess and the huge, multinational enterprises that have evolved to provide crude oil and refined petroleum products. Past and present attitudes toward the international oil companies have arisen for eight reasons that merit brief review...

Suggested Citation

  • Richard B. Mancke, 1981. "Competition and Monopoly in World Oil Markets: The Role of the International Oil Companies," Cato Journal, Cato Journal, Cato Institute, vol. 1(1), pages 107-127, Spring.
    • Handle: RePEc:cto:journl:v:1:y:1981:i:1:p:107-127
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    More about this item

    Keywords

    Government; taxation; revenue;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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