Locked beneath the history-laden sands of Saudi Arabia lies the world's last known great oil pool. The right to exploit it belongs to Arabian-American Oil Co., owned by The Texas Co. and Standard Oil Co. of California. But Arabian-American, which has done comparatively little drilling, saw its future production limited by a lack of distribution facilities. On the other hand, Standard Oil Co. (N.J.) and Socony-Vacuum Oil Co. have plenty of outlets in Europe, but little oil to supply them.*
Last week the four companies decided to make the biggest deal in the history of the U.S. oil business. Jersey...
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