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Index
THE PRIZE:
THE EPIC QUEST FOR OIL, MONEY, AND POWER
About the Author
Advance praise for The Prize
Contents
Prologue
PART I THE FOUNDERS
CHAPTER I Oil on the Brain: The Beginning
To “Assuage Our Woes ”
The Disappearing Professor
Price and Innovation
The “Colonel ”
“The Light of the Age ”
The First Boom
Boom and Bust
CHAPTER 2 “Our Plan”: John D. Rockefeller and the Combination of American Oil
“Methodical to an Extreme ”
The Great Game
“Now Try Our Plan ”
“War or Peace ”
New Threats
The Trust
“The Wise Old Owl ”
A Marvel to the Eye
“Buy All We Can Get ”
The Upbuilder
CHAPTER 3 Competitive Commerce
“The Walnut Money ”
The Rise of Russian Oil
The Challenge to Standard Oil
The Son of the Shell Merchant
The Coup of 1892
The Alderman
“This Struggle to the Death ”
Royal Dutch
“Dutch Obstacles ”
CHAPTER 4 The New Century
Markets Lost and Gained
Breakouts
Patillo Higgins’s Dream
The Deal of the Century
Gulf: Not Saying “By Your Leave ”
Sun: “To Know What to Do with It ”
“Buckskin Joe ” and Texaco
“How Can We Control It? ”
CHAPTER 5 The Dragon Slain
The Holding Company
The Successor : The Oil Enthusiast
“The Red Hot Event ”
Rockefeller’s “Lady Friend ”
The Trust-Buster
The Suit
The Dissolution
The Liberation of Technology
The Winners
CHAPTER 6 The Oil Wars: The Rise of Royal Dutch, the Fall of Imperial Russia
The Jungle
Shell Emerges
Royal Dutch in Trouble
“A Pushing Fellow ”
The First Step Toward Combination
The “British Dutch”—and Asiatic
Deterding Triumphant
“The Group”—Samuel Surrenders
“To America! ”
Russia in Turmoil
Return to Russia
CHAPTER 7 “Beer and Skittles” in Persia
“A Capitalist of the Highest Order ”
Russia Versus Britain
The First Go
“Every Purse Has Its Limits ”
The “Syndicate of Patriots ”
To the Fire Temple : Masjid-i-Suleiman
Revolution in Tehran
Racing the Clock
The “Big Company” : Anglo-Persian
CHAPTER 8 The Fateful Plunge
“The God-father of oil ”
“Made in Germany ”
Enter Churchill
Speed!
The Admiral Cracks the Nut
The Shell Menace
Aid for Anglo-Persian
A Victory for Oil
PART II THE GLOBAL STRUGGLE
CHAPTER 9 The Blood of Victory: World War I
The Taxi Armada
Internal Combustion at War
The War in the Air and at Sea
Anglo-Persian Versus Shell
“A Dearth of Petrol ”
The Energy Czar
The Man with the Sledgehammer
Baku
Floating to Victory
CHAPTER 10 Opening the Door on the Middle East: The Turkish Petroleum Company
Mr. Five Percent
“A First-Class War Aim ”
Clemenceau and His Grocer
Amalgamation?
Reenter Churchill
Oil Shortage and the Open Door
“The Boss” : Walter Teagle
Faisal of Iraq
The Architect
Toward the Red Line
CHAPTER 11 From Shortage to Surplus: The Age of Gasoline
“A Century of Travel ”
“The Magic of Gasoline ”
The Tempest in the Teapot
The Colonel and the Liberty Bonds
Geophysics and Luck
The Tycoon
The Rising Tide
Emerging Competition
“Those Sunkist Sons of Bitches ”
CHAPTER 12 “The Fight for New Production”
Mexico’s Golden Lane
General Gomez’s Venezuelan “Hacienda ”
Duel with the Bolsheviks
In Search of a United Front
Price War
CHAPTER 13 The Flood
The Black Giant
Anarchy in the Oil Field
The Reformer
The Government Acts
Stability
CHAPTER 14 “Friends”—and Enemies
The Hand of the British Government
“The Problem of the Oil Industry ”
Discord Within “Private Walls ”
Nationalism
The Shah’s New Terms
The Mexican Battle
“As Dead as Julius Caesar ”
CHAPTER 15 The Arabian Concessions: The World That Frank Holmes Made
Bahrain and the New York Sheikhs
Ibn Saud
The Sorcerer’s Apprentice
The Negotiation
Kuwait
The “Sure Shot”?
The Blue Line Agreement
Discovery
PART III WAR AND STRATEGY
CHAPTER 16 Japan’s Road to War
“Shall We Trust Japan? ”
The New Order in Asia
“Quarantine”
Quiet Conversations
Yamamoto’s Gamble—“Doubtless I Will Die ”
Doubtless I will die.”
Embargo
“We Cannot Endure It ”
“Dwindling Day by Day ”
Pearl Harbor
The One Mistake
CHAPTER 17 Germany’s Formula for War
The Chemical Solution
Girding for War
The Russian Campaign : “My Generals Know Nothing About the Economic Aspects of War ”
Operation Blau
Rommel and the Revenge of the Quartermaster
Autarchy and Catastrophe
“The Primary Strategic Aim ”
CHAPTER 18 Japan’s Achilles’ Heel
“Victory Drunk ”
“The Adults’ Hour ”
The Battle of the Marus: The War of Attrition
“No Sense in Saving the Fleet ”
The End of the Imperial Navy
A Fight to the Finish?
The Ambulance
CHAPTER 19 The Allies’ War
The Oil Czar: The Mobilization of American Supply
Trial by Sea : The Battle of the Atlantic
Domestic Push
Rationing—Through the Side Door
Innovation
“The Unforgiving Minute ”
PART IV THE HYDROCARBON AGE
CHAPTER 20 The New Center of Gravity
“The Allies Have the Money ”
“We’re Running Out of Oil! ”
The Policy of “Solidification ”
“A Wrangle About Oil ”
Quotas and Cartels
The “Twins ”
“What do We do Now? ”
CHAPTER 21 The Postwar Petroleum Order
Erasing the Red Line
Gulbenkian Again
Kuwait
Iran
Europe’s Energy Crisis
To Market It Goes?
No Longer “Far Afield” : The New Dimension of Security
The End of Energy Independence
CHAPTER 22 Fifty-Fifty: The New Deal in Oil
Landlord and Tenant
Venezuela’s Ritual Cleansing
The Neutral Zone
“The Best Hotel in Town ”
Billionaire
“Retreat Is Inevitable ”
The Watershed
CHAPTER 23 “Old Mossy” and the Struggle for Iran
The Last Chance
“Old Mossy ”
Plan Y
Averell in Wonderland
“A Splutter of Musketry ”
“Luck Be a Lady Tonight ”
“A Group of Companies ”
The oil Cartel Case
Building the Consortium
CHAPTER 24 The Suez Crisis
The Nationalist : The Role Finds Its Hero
Code Word “de Lesseps” : Nasser Moves
“We Had No Intention of Being Strangled to Death ”
At the “Rhineland ” Again—Twenty Years Later
Force Applied
Purgatory
The Exit of “Sir Eden ”
The Future of Security : Pipelines Versus Tankers
To End the Suez Schism
CHAPTER 25 The Elephants
A New Napoleon
Mattel’s Greatest Battle
Japan Enters the Middle East
Even the Americans…
Nasser Ascendant
Juan Pablo Pérez Alfonzo
The “Red Sheikh ”
Competitive Pressures
The Arab oil Congress
“Regards to all, Wanda ”
CHAPTER 26 OPEC and the Surge Pot
T Square Versus Slide Rule
“We’ve Don e It! ”
OPEC in the 1960s
“The New Frontier”—and More Elephants
The Libyan Jack-Pot
Mattei’s Last Flight
The New Competitors
Walking the Tightrope—Iran Versus Saudi Arabia
“Us Independent Oil Suckers ”
National Security and “a Nice Balance ”
“A Very Healthy Domestic Industry ”
CHAPTER 27 Hydrocarbon Man
The Explosion
Old King Coal Deposed
The Conversion of Europe
Japan: No Longer Poor
The Struggle for Europe
Courting the Consumer
The New Way of Life : “Six Sidewalks to the Moon ”
Crisis Again : “A Recurring Bad Dream ”
The Cassandra at the Coal Board
PART V THE BATTLE FOR WORLD MASTERY
CHAPTER 28 The Hinge Years: Countries Versus Companies
The Anglo-American Retreat
The End of the Twenty-Year Surplus: To a Seller’s Market
Environmental Impact
The Alaskan Elephant
The Doctor
The Libyan Squeeze
Leapfrogging Prices
Participation: “Indissoluble, like a Catholic Marriage ”
The Hinge Years
CHAPTER 29 The Oil Weapon
The United States Joins the World Market
“The Wolf Is Here ”
The Secret : Sadat’s Gamble
The Oil Weapon Unsheathed : Faisal Changes His Mind
Nervous Leaders
September 1973 : “Pressure All Around ”
Nothing Further to Negotiate
Sadat’s Surprise
“The Third Temple Is Going Under ”
Embargo
The Third-Rate Burglary
Alert
CHAPTER 30 “Bidding for Our Life”
“The Loss ”
Panic at the Pump
“Beef Prices ”
“Equal Misery ”
A New World of Prices
Alliance Strained
Sheathing the Oil Weapon
CHAPTER 31 OPEC’s Imperium
Oil and the World Economy
The Saudis Versus the Shah
Yamani
America’s Strategy
Kuwait and “Our Friends ”
Venezuela : The Kitty Cat Died
Saudi Arabia : The Concession Surrendered
CHAPTER 32 The Adjustment
Nations Respond
“Obscene Profits ”
The United States Energy Policy : “Chinese Water Torture ”
Boom Times
New Supplies : Alaska and Mexico
The North Sea : The Biggest Play of All
“The Crunch ”
CHAPTER 33 The Second Shock: The Great Panic
Disillusion and Opposition
“Doing the 40-40 ”
“Like Snow in Water ”
“Torrents of Blood ”
“I Am Feeling Tired ”
The Last Man Out
Panic Begins
Force Majeure
Leapfrog and Scramble
“Living Dangerously ”
Petroleum and the President
“The Worst of Times ”
The Cat-and-Mouse Dialectic
“The World Crisis ”
CHAPTER 34 “We’re Going Down”
“Death to America ”
The Bazaar
The End of the Road
CHAPTER 35 Just Another Commodity?
The Fundamentals
Finally—the Cartel
“Our Price Is Too High…”
The Commodity Market
From Eggs to Oil
New Oil Wars : The Shootout at Value Gap
The Trigger
The Mexican Weekend
Dr. Drill
Family Matters
The Death of a Major
Shareholders’ Value
The New Security
CHAPTER 36 The Good Sweating: How Low Can It Go?
High or Low?
OPEC’s Deepening Dilemma
Market Share
The Third oil Shock
“A Little Action ”
George Bush
“I Know I’m Correct ”
“Hara-Kiri” and $18 a Barrel
Playing It by Ear
Price Restored
Iran Versus Iraq: The Tide Turns
Epilogue
Iraq Moves
Toward the Future
A New Order
The Third Environmental Wave
The Age of oil
Chronology
Maps
Notes
Upstream, Downstream, All Around the Stream
Prologue
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
Chapter 13
Chapter 14
Chapter 15
Chapter 16
Chapter 17
Chapter 18
Chapter 19
Chapter 20
Chapter 21
Chapter 22
Chapter 23
Chapter 24
Chapter 25
Chapter 26
Chapter 27
Chapter 28
Chapter 29
Chapter 30
Chapter 31
Chapter 32
Chapter 33
Chapter 34
Chapter 35
Chapter 36
Epilogue
Bibliography
Interviews
Archives
Other Manuscript Collections
Oral Histories
Other
Government Documents
Selected Books, Articles, and Dissertations
Data Sources
Acknowledgments
Photo Credits
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