OIL: A Gusher for Jimmy

In 1941, King Ibn Saud of Saudi Arabia was in trouble. The war had cut off the annual Moslem pilgrimages to Mecca, a prime source of his revenue. Ibn Saud needed cash, and he thought the quickest way to get it was to ask Arabian American Oil Co., which held the rich Saudi Arabian oil concession, to fork over an extra $6,000,000 a year. Aramco balked. But in far-off New York was a man who thought he could fix things.

Off to Washington went Oilman James A. Moffett. As chairman of two of...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!