The Story of Oil

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The Rothschild firm organized a distrib- uting business in Great Britain, long one of the chief strongholds of the American foreign trade.
The Nobels soon followed their example, and the imports of Russian oil into Western Europe began • to appear threatening.
American exports of petroleum in 1890 had risen to nearly 20,000,000 barrels, at least one fifth of the total going to a half dozen leading European ports. Rusian exports at that time to these same ports equalled hardly a tenth of the Ame
...rican quantity. Following its usual custom, however, 233 THE STORY OF OIL the Standard promptly cut prices to kill this rising competition. Cutthroat methods had sufficed to put the Standard in complete control of the indus- try at home, but it was not so effective when ap- plied several thousand miles away to a rival in- dustry like that of Baku. Despite every possible effort to prevent it, the exports of Russian oil con- tinued to increase from year to year. The element of distance and geographical position was a factor which no system of organization could entirely overcome.

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