The United States, Britain and the Marshall Plan: oil and finance in the early postwar era

Abstract

This paper discusses United States foreign economic policy in the early post-World War II period, focusing on Anglo-American relations and the international oil industry. Contrary to popular opinion, these relations were not friendly, as one of the goals of US policymakers was to force the former power to relinquish key areas of strategic and commercial influence, such as the trading networks of the British Commonwealth and, more importantly, the oil regions of the Middle East. In particular, the paper analyzes US oil policy during the Marshall Plan. Though not questioning the Plan’s overall positive impact on European economic growth, the paper argues that, with regard to the oil industry, its primary objective was not to stimulate recovery but to secure a dominant role for US producers in the Middle East.