Anglo-American Oil Treaty -An Aid in Preserving Peace

OIL, the abundance of it in the hands of the Allies and the lack of it in the hands of the Axis, played a major role in winning World War II. It bids fair to implement the winning of the peace. In fact the signing of the revised agreement on petroleum between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America on Sept. 24, 1945, may be considered as the first step in establishing a new pattern in foreign relations by our Government. The significance of this agreement on petroleum is that it was arrived at on the part of the United States of America through the advice and consent of the most interested parties, the leaders of the petroleum industry and the Government, distinctly a first step toward unifying the power of business and the strength of the Government, which places us on a par with the British Crown which has always had the advice and counsel of its business leaders in formulating its foreign trade policies. And what is the thing so patently discernible in this new first step toward winning the peace? It is that the petroleum agreement, the first draft of which, signed in Washington on Aug. 8, 1944, almost caused an epidemic of apoplexy among the leaders of the oil industry, represents the desire of the people most concerned with the problems of petroleum both at home and abroad. This new agreement, which will come up before the Senate for ratification this month-hearings will commence in January - derives its "power from the consent of the governed," something about which our forefathers were vitally concerned once upon a time.