OIL KINGS TRUST

Hokitika Guardian, 31 May 1929, Page 3

OIL KINGS TRUST

FEAR OF WORLD MONOPOLY

NEW YORK, April 16

Strong support to the exposure of the world oil trust is given by Senator Borah.

In a letter to Mr Charles J. Carlson president of the Idaho Falls Chamber if Commerce, he accuses tho Royal Dutch group, the Standard Oil Company of New Jersey, and the AngloPersian Oil Company of forming an international trust against the best in-' :erests of people throughout the work! “Through their representatives, Sir Henri Deterding, Mr W. C. Teagh, and Sir Jblin Cad man,” he writes “these companies appear to lie engaged in forming ail international monopoly and in shutting out the possibility of cheap oil reaching consumers from Russia.

He remarks that the companies have braved “the great horror of Bolshevism” to obtain such concessions, contracts, and advantages as will enable them to lay a solid foundation for a world monopoly in oil. U.S. DRYING UP.

United States oil resources, lie says, will he exhausted in another ten years and he suggests that a country which s dependent upon other countries for nil under the present conditions will then he at an almost incalculable disadvantage both in the industrial world and in the matter of defence. He concludes: “What is the position? The industrial world is dependent upon oil. The nations must have oil now as an element oi national defence. People are paying untold millions in excess prices for oil. “The oil world is practically controlled by a few men and steps are being taken undoubtedly to make their control world-wide and absolute.