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Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. Business Company Profiles. Key Takeaways BP is a major integrated oil and gas company, which also owns a series of brand names related to its gas station business.
Castrol manufactures industrial and automotive lubricants for the international market. BP purchased Amoco, the largest producer of oil and natural gas in the United States. Wild Bean Cafe operates in conjunction with gas stations in certain foreign countries. Article Sources. Investopedia requires writers to use primary sources to support their work.
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Cookies also allow us and our partners to show you relevant ads when you visit our site and other 3rd party websites, including social networks. From struggle to success, with a little help from Winston Churchill along the way. After two decades of progress everything changed in the autumn of A new stability would soon be shattered by political crises in the Middle East.
From the s into the s, Britain's standard of living was supported by oil from Iran. British cars, trucks, and buses ran on cheap Iranian oil. Factories throughout Britain were fueled by oil from Iran. The Royal Navy, which projected British power all over the world, powered its ships with Iranian oil. After World War II, the winds of nationalism and anti-colonialism blew through the developing world.
In Iran, nationalism meant one thing: we've got to take back our oil. Driven by this passion, Parliament voted on April 28, , to choose its most passionate champion of oil nationalization, Mohammad Mossadegh, as prime minister.
Days later, it unanimously approved his bill nationalizing the oil company. Mossadegh promised that, henceforth, oil profits would be used to develop Iran, not enrich Britain. This oil company was the most lucrative British enterprise anywhere on the planet. To the British, nationalization seemed, at first, like some kind of immense joke, a step so absurdly contrary to the unwritten rules of the world that it could hardly be real. Early in this confrontation, the directors of the Anglo-Iranian Oil Company and their partners in Britain's government settled on their strategy: no mediation, no compromise, no acceptance of nationalization in any form.
They withdrew their technicians from Abadan, blockaded the port, cut off exports of vital goods to Iran, froze the country's hard-currency accounts in British banks, and tried to win anti-Iran resolutions from the U. This campaign only intensified Iranian determination. Finally, the British turned to Washington and asked for a favor: please overthrow this madman for us so we can have our oil company back. American President Dwight D.
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