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183390455
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Memorandum of Conversation with Secretary of State Dean Acheson, Mr. E. G. Collado, and Paul Nitze
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document
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183390455
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document
title
Memorandum of Conversation with Secretary of State Dean Acheson, Mr. E. G. Collado, and Paul Nitze
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Dean Acheson Papers
Secretary of State Files
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183390455
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29
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1949-04-29
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4
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1949
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1
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ae2f04c2f431f3f3
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DEPARTMENT OF STATE
Memorandum of Conversation
1012
DATE:
SUBJECT:
Sterling 0il
dem ARCHIVES AND for
RECORDS
SERVICE'
PARTICIPANTS:
s/Mr. Acheson
E/Mr.Nitze
Ir.E.G.Collado, Standard Oil Company of New Jersey
COPIES TO:
PED/Mr.Eakens
s/s
1-1493
Mr. Collado described the problems facing the American oil companies
by virtue of the growing availability of sterling oil and the desires of one
another to shift thoir prosurement of oil from dollar sources
to sterling sources. lie also discussed the various possible solutions to
the problem. He felt that a lower price for dollar oil than for sterling
oil would not be a practicable solution. He said he favored increasing
imports into the United States, but referred to the demestio political
issues which would be raised by a rapid inorease in such imports. He
referred to the possibility of working out an arrangement with the British
Treasury under which American companies mi ght be permitted to trade in
sterling oil, and pointed out that the British would undoubtedly insist on
having eny such transactions subject to control by the British Treasury.
The Secretary said that he found it difficult to see how they could be
requested to give such permission without agreeing to such control.
The possibility of transferring ownership of operations, such as
Aramoc and Tapline, to British registry was also discussed. The Secretary
said that he would be strongly opposed to any such development.
Mr. Collado said that he was leaving shortly for Loud on to discuss
with Victor Butler of the Ministry or Fuel and Power the problems of his
compeny. Mr. Collado feels that it will be impossible for the American oil
companies to work out a satisfactory solution unless the D.S.Dovernment
intervenes in the situation direstly with the British Government. The
Secretery asked Mr. Nitse whether we were prepared for him to raise the
matter with Sir Oliver Franka now. He replied that we were not quite pre-
pared, but that we should be prepared shortly.
E:PHNitze:a