Overview

"In September 1928, at Achnacarry Castle, owned by Deterding, a secret meeting brought together the three most powerful oil companies in the world. Henry Deterding represented the Royal Dutch Shell, Sir Henry Cadman negotiated on behalf of the chairman of Anglo Persian Oil Company, and Walter Teagle, who substituted Rockefeller as chairman of Standard Oil. All these gentlemen met at Achnacarry Castle for a hunting party. Officially it was among other things, for the rest of their wives. In reality, they were there for three reasons. First, to divide up the Middle East and agree secretly on the world oil price. Second, to share the markets and the oil fields. Third, to eliminate those who seek to join. The Achnacarry agreement marked the birth of the modern oil cartel. This cartel was also to join forces to keep oil prices as high as possible and discourage any desire to break them.In this chaotic period, the companies ensured that uncontrolled oil surpluses could not invade the market, setting up a hidden system that became the nightmare during the period between the two wars. The contract, which is still known today as ""The 7 Sisters"" marked the birth of a real oil cartel. A few years later, in 1952, the Federal Trade Commission conducted a full investigation into the business practices of oil companies.The investigation revealed that this secret agreement is in total contradiction with the anti-trust regulations. An email from J. Edgar Hoover pointed out that the revelation of this document would be favorable to Soviet propaganda. Therefore, President Harry S. Truman requested the interruption of the criminal investigation. This illicit harmony was kept perfectly secret until the 1950s. Until this date, neither the governments nor consumers knew about this system of control set up by companies."

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