When British and U.S. Government oil experts sat down in 1944, with U.S. State Department blessings, and agreed on a broad policy to stabilize markets in the postwar world, the U.S. oilmen were worried. President J. Howard Pew of Sun Oil Co. attacked the agreement as a "blank check" to the Government that would involve the domestic oil industry in a "vicious cartel system."
The Senate refused to ratify the agreement. Since then, the source of the anti-cartel rumblings has changed. Last year the Federal Trade Commission prepared a secret 900-page study of...
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