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Oil was discovered in Saudi Arabia on THIS DAY, September 14th with Chris Conley.
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This Day — 091426. Machine-transcribed; use the interactive transcript above to jump the player to any line.
Now, this day, here's Chris Connelly. Oil was discovered in Saudi Arabia in 1938, and it was much more than expected on this day, September 14. We all have someone we love like the favorite lyric in our favorite song. You can't imagine life without them. Cancer screening tests can help keep the person you love around longer by detecting changes before cancer develops, or catch it early when it may be easier to treat. And many tests are available for free or covered by insurance. It's time to sound like a broken record. Tell all your friends and family, I love you. Get screened. Visit cancer.org slash get screened to learn more. Seven drilling companies failed at the Domen fields.
And then one of them hit a gusher, 1500 barrels on the first day. Oil drilling technology came from the United States, from England and New Zealand. Saudi Arabia had no money, but they taxed the oil at 50%. That drove foreign investment out. And the now called field of prosperity was taken over by the Saudi Royal family. The oil field was much more productive than the other field in Iraq, Iran and Kuwait. Those nations quickly learned that the price of oil would be determined by how much Saudi Arabia pumped. Overproduction would send prices down, so the oil producing nations agreed to ration supply. Each nation would have its own quota of barrels per month. OPEC, the organization of petroleum exporting countries, was designed to keep prices high for the rest of the world. OPEC was founded on this day September 14, 1960. And on this day, you consider how some prices are manipulated.
I'm Chris Conley.
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