Golden gimmick: Difference between revisions
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{{Short description|1950 US-Saudi tax credit deal}} |
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The '''Golden Gimmick''' refers to a [[foreign tax credit]] deal enacted in November 1950 by the |
The '''Golden Gimmick''' refers to a [[foreign tax credit]] deal enacted in November 1950 by the U.S. Government under President [[Harry Truman]] between [[Abdulaziz of Saudi Arabia|King Ibn Saud]] of [[Saudi Arabia]] and the Arabian-American Oil Company ([[ARAMCO]]), a consortium comprising Standard Oil of California (Chevron), Standard Oil of New Jersey (Exxon), Standard Oil of New York (Mobil) and Texaco. King Ibn Saud was being influenced by [[Juan Pablo Pérez Alfonso]] of Venezuela who cut a similar 50/50 deal with New Jersey [[Standard Oil]] and [[Royal Dutch Shell]]. This 50/50 deal accorded the American oil companies a [[tax break]] equivalent to 50% of their profits on oil sales, with the other 50% to be diverted to King Ibn Saud via the US Treasury.<ref>{{Citation|url=https://books.google.com/books?id=iHfVWjHAjCoC&dq=profit+sharing&pg=PA108|title=From Arab Nationalism to OPEC: Eisenhower, King Saʻūd, and the making of U.S-Saudi relations|work=Nathan J. Citino|year=2002|publisher=Indiana University Press, 2002|isbn=9780253340955|access-date=28 February 2012}}</ref> The King agreed to this 50/50 splitting of Aramco's oil profits instead of nationalizing Aramco's oil facilities on Saudi soil. [[Venezuela]] eventually led the effort in forming [[OPEC]] and Saudi Arabia gained full control of Aramco by 1980. |
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==See also== |
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{{DEFAULTSORT:Golden Gimmick}} |
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* [[Corporate welfare]] |
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* [[Saudi Aramco]] |
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==References== |
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{{reflist}} |
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{{Saudi Arabia–United States relations}} |
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[[Category:1950 in Saudi Arabia]] |
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[[Category:1950 in the United States]] |
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[[Category:Saudi Arabia–United States relations]] |
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[[Category:Presidency of Harry S. Truman]] |
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Latest revision as of 11:46, 30 January 2024
 | This article needs additional citations for verification. (September 2014) |
The Golden Gimmick refers to a foreign tax credit deal enacted in November 1950 by the U.S. Government under President Harry Truman between King Ibn Saud of Saudi Arabia and the Arabian-American Oil Company (ARAMCO), a consortium comprising Standard Oil of California (Chevron), Standard Oil of New Jersey (Exxon), Standard Oil of New York (Mobil) and Texaco. King Ibn Saud was being influenced by Juan Pablo Pérez Alfonso of Venezuela who cut a similar 50/50 deal with New Jersey Standard Oil and Royal Dutch Shell. This 50/50 deal accorded the American oil companies a tax break equivalent to 50% of their profits on oil sales, with the other 50% to be diverted to King Ibn Saud via the US Treasury.[1] The King agreed to this 50/50 splitting of Aramco's oil profits instead of nationalizing Aramco's oil facilities on Saudi soil. Venezuela eventually led the effort in forming OPEC and Saudi Arabia gained full control of Aramco by 1980.
See also
[edit]References
[edit]- ^ "From Arab Nationalism to OPEC: Eisenhower, King Saʻūd, and the making of U.S-Saudi relations", Nathan J. Citino, Indiana University Press, 2002, 2002, ISBN 9780253340955, retrieved 28 February 2012
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