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was founded in 1911, the company would later consolidate with Standard Oil of New Jersey to become Exxon. The reason Standard Oil of New Jersey was not moving up more rapidly is due to the fact that the outlook for the petroleum industry was not as healthy as some of the other industries. In September 1960, after mighty Standard Oil of New Jersey dictated a cut in the price it was willing to pay for Middle Eastern oil, an angry group of leaders from the region and Venezuela founded the Organization of the Petroleum Exporting Countries. |
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