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What ever happened to this investigation?

The [European EU ] International Petroleum Cartel, Staff Report to the Federal Trade Commission, released through Subcommittee on Monopoly of Select Committee on Small Business, U.S. Senate, 83d Cong., 2nd sess (Washington, DC, 1952), Chapter 2, "Concentration of Control of the World Petroleum Industry," pp. 21-36

"The history of international oil has been treated more completely elsewhere, but Wells shows how in 1944 the Roosevelt Administration tried to establish an international oil cartel with Britain and was forced to back away by opposition from both the left and the right, including the independent oil sector. Meanwhile, the international oil cartel, without the US, reorganized itself after World War II, coming to rely on the joint control of production instead of the regulation of price. The FTC reported on this cartel in 1952 and the Antitrust Division decided to challenge it. What came next may throw light on current efforts to pass “NOPEC” legislation that would in effect require the Antitrust Division to sue OPEC.

First, the Division’s prosecution “horrified the national security establishment” which predicted adverse effects upon the interests of the US. “The British and Dutch governments were furious about the impending actions against their companies.” When the Antitrust Division held firm to its belief in the sanctity of its mission, “President Truman knew what he had to do.” He ordered the Antitrust Division to suspend the criminal investigation of the seven sister oil companies. The Division filed a civil suit against the five American members of the cartel in 1953. President Eisenhower “neutralized the prosecution,” forcing the Division to drop the parts of its case dealing with production agreements in the Middle East. “In 1968, Justice finally bowed to reality and suspended the prosecution.”

Book Review: Antitrust and the Formation of the Postwar World, By Wyatt Wells

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