last i checked 1) we aren’t at war 2) in my country you can still question the leadership and their policies…event during war time…maybe you can’t in Canada…say hi to the Queen for me. 3) ukraine is under massive attack, largely due to the inability of the current president to lead…i stand for those innocent souls and support real leadership in washington that will help them…not enable putin
Biden Using Strategic Petroleum Reserve to Ship Oil to Asia
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healthmyths
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On April 3, 1891 the Railroad Commission of Texas (now the Texas Railroad Commission) was established by the state Legislature under Governor James Stephen (“Big Jim”) Hogg. Initially, the Railroad Commission was given jurisdiction over rates and operations of railroads, terminals, wharves and express companies. But, in less than a decade it began enforcing regulations aimed at the new oil and gas industry that was developing in the state.
Texas quickly became the first state to adopt a well spacing rule to reduce fire hazards.
By 1930, the Commission had issued its first statewide proration order – limiting oil production in the state to 750,000 barrels per day, beginning their reign as the world’s first oil cartel as they artificially reduced demand to maintain higher market prices for oil.
In 1930, the famous East Texas Oil Field was discovered. Covering 140,000 acres over five Texas counties, this field would become the largest oil field in the continental United States. After its discovery, production from this field was quickly regulated by the Railroad Commission to prevent another dip in the market price for oil. Martial law was used to ensure compliance with conservation regulation and production limits in the face of this massive oil discovery and to bring stability to the industry.
With this added power to control the state’s petroleum industry, the Railroad Commission soon transitioned into its role as the world’s first modern oil cartel. From the 1940s through the 1960s, the Texas Railroad Commission not only regulated Texas oil and gas production, but also coordinated with other high-production states through the Interstate Oil Compact Commission (IOCC) to ensure that oil prices stayed high. At the same time, the Commission supported restrictions on foreign oil resources to prevent an influx of cheap oil into the U.S. market, similarly to what one sees today with tariffs on imported biofuels.
World s First Oil Cartel Deep in the Heart of Texas
bripat9643
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It regulated oil production in Texas, only. didn't regulate oil production in the entire country. It also didn't impose tariffs on imported oil or control the amount being imported.On April 3, 1891 the Railroad Commission of Texas (now the Texas Railroad Commission) was established by the state Legislature under Governor James Stephen (“Big Jim”) Hogg. Initially, the Railroad Commission was given jurisdiction over rates and operations of railroads, terminals, wharves and express companies. But, in less than a decade it began enforcing regulations aimed at the new oil and gas industry that was developing in the state.
Texas quickly became the first state to adopt a well spacing rule to reduce fire hazards.
By 1930, the Commission had issued its first statewide proration order – limiting oil production in the state to 750,000 barrels per day, beginning their reign as the world’s first oil cartel as they artificially reduced demand to maintain higher market prices for oil.
In 1930, the famous East Texas Oil Field was discovered. Covering 140,000 acres over five Texas counties, this field would become the largest oil field in the continental United States. After its discovery, production from this field was quickly regulated by the Railroad Commission to prevent another dip in the market price for oil. Martial law was used to ensure compliance with conservation regulation and production limits in the face of this massive oil discovery and to bring stability to the industry.
With this added power to control the state’s petroleum industry, the Railroad Commission soon transitioned into its role as the world’s first modern oil cartel. From the 1940s through the 1960s, the Texas Railroad Commission not only regulated Texas oil and gas production, but also coordinated with other high-production states through the Interstate Oil Compact Commission (IOCC) to ensure that oil prices stayed high. At the same time, the Commission supported restrictions on foreign oil resources to prevent an influx of cheap oil into the U.S. market, similarly to what one sees today with tariffs on imported biofuels.
World s First Oil Cartel Deep in the Heart of Texas
blogs.scientificamerican.com
healthmyths
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Oh I agree! But the term "cartel" was used by this article and you weren't specific in the term "cartel".
I agree that the term "cartel" has connotations of "country, countries" wide control... in this case the term was used regarding the state of Texas only and you are right there.
Turtlesoup
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LMAO..Turn about is fair play.
ONly a Chinese TROLL would spew the stupid shit that you do day in and day out...
Turtlesoup
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Dragon, doesn't understand the basic American FREE SPEECH THINGY?
but Dragon claims not to be a Chinese Troll...
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