U.S. oil interests last week bought another pile of chips in the game to exploit the rich oil pools in the Middle East. Standard Oil Co. (N.J.) and Socony-Vacuum Oil Co. made a deal to buy "substantial quantities" of Persian oil from the British Government's Anglo-Iranian Oil Co. This deal came soon after Jersey and Socony had decided to acquire 40% of the Arabian-American Oil Co.'s vast concessions in Saudi Arabia (TIME, Dec. 23) for some $250,000,000.
The Pipelines. The agreement with the British company may also cost Jersey and Socony big money. Anglo-Iranian tentatively plans to build a new pipeline...
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