Part 3 of the excellent documentary series based on Daniel Yergin’s book “The Prize: Epic Quest for Oil, Money and Power”.
The period between the two world wars was dominated by increased competition between oil companies and the start of the worldwide search for oil. But the massive discoveries in Texas and California would create a massive glut of oil and prices plummeted to almost zero. The big oil companies learnt that oil production would need to be controlled so that supply and demand didn’t become too unbalanced, the future of the industry depended upon it.