ABSTRACT
In his June 1958 remarks before the Council on Foreign Relations, Mr. Levy re-examined and elaborated upon the security dimension of oil supply. The status of general industrial activity after an atomic attack, and the condition of oil refining and transport facilities, would obviously limit severely the use of oil. The import program has tended to alienate our Western Hemisphere oil-producing neighbors, particularly Canada and Venezuela. The operations of the international companies thus assure that worldwide oil requirements will be met by drawing on various worldwide sources of supply. The only alternative to the coordination and planning function that has given the integrated oil company its remarkable efficiency would probably be the conclusion of intergovernmental oil agreements. The Western nations depend for their prosperity and security on access to oil on reasonable terms. The international oil company is obviously interested in maintaining the concessionary and institutional arrangements under which it operates in the various countries.
