Ayn Rand on Oil Monopoly

Iakovos Alhadeff 

Journalist: You do not believe in government intervention. You believe in the free market. Do you therefore believe that the oil rich countries, which have monopoly power in the oil market, should be able to sell their oil to us at any price they wish?

Ayn Rand: Not at all. I believe exactly the opposite. These countries have monopoly power because we allowed them to steal oil that belonged to American companies, we allowed them to steal our oil. That’s how they obtained monopoly power.

Journalist: What do you mean by ‘our oil’? We do not own Saudi Arabia or Iran.

Ayn Rand: Of course it was our oil. American companies owned the oil facilities by contracts. These countries broke these contracts by literally killing us, and nationalized what was the property of American companies. That’s how they obtained monopoly power.

The oil was there for centuries and they were not able to do anything with it. They asked for our help, they signed contracts, and then they attacked us and stole our property.

Journalist: Do you suggest that we should have used force to prevent them from nationalizing the oil facilities?

Ayn Rand: Of course we should have. They were not even capable of running our facilities and they had to hire Americans to do so. They were primitive societies that could have not done anything with their oil without our help.

Note! I lightly changed the conversation to make it a bit shorter, but I did not change at all the Ayn Rand spirit. You can see the full interview at the following link.

https://www.youtube.com/watch?v=rydsea_Y8xI

4 thoughts on “Ayn Rand on Oil Monopoly”

  1. So, if I sign a contract selling all the oil in Texas to the Eskimos for the Eskimos to harvest from Texas,( for money/a silver dollar certificate held in my vault for 30 years that can not be borrowed against ,but, receive dividends for, & then, when the paper money is no longer exchangeable for the silver & the paper representative of the silver value is decreased by 30 fold, it is like getting into a deal for a million coin, but you will only to receive $33,333.30Cents in coins value, so, you might just realize that you’ve been ripped off by “quantitative easing”(like, if I stick it in real slow, then you’re not supposed to feel it… Yea, right !) So if you are the Texans & decide to not accept the rip off scheme, you would burn the oil fields down, so, the rip offs can’t do that again. Texans & savvy mid easterners do not honor thievery if it is noticed. The Texans haven’t realized it yet. Too much Fox news & not enough(you might be a redneck) Foxworthy.

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    1. The Iranians in the 1950s did not like the dollar because it was inflationary, and their money was better, or because Mosadeq was a socialist thieve?

      If it was not for the West the socialist and religious societies of the Middle East would not even know what oil is. The same is true for Russia. It was the westerners that had the technology for the Russian oil.

      Do you know what was the deal between the Iranians and the English in order to say that it was a bad deal for the Iranians?

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      1. Mosadeq was moderate duly elected (not dictator) leader who asked the British to increase the oil revenue sharing (US was giving Saudi’s about 5x better deal at that time) and the Brits refused so he broke off relations, sent them packing. They told Eisenhower that he was “leaning toward Russia” which motivated Dulles Brothers to lead a coup and put the Shah in charge. Good book on this coup, “All the Shah’s Men.” This is why Iran went from a very Westernized country back to a “Revolutionary” government, putting the role of women back many years. I think Brits were paying less than 10% to Iran.

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    2. If the problem of the Iranian thiefs was that they did not like the dollar they could ask to get paid in oil their share. And use their own currency which is better from the inflationary dollar

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