Az Eszterházy Károly Tanárképző Főiskola Tudományos Közleményei. 1994. [Vol. 2.] Eger Journal of American Studies. (Acta Academiae Paedagogicae Agriensis : Nova series ; Tom. 22)

STUDIES - Tamás Magyarics: The (Re) creation of the Relations between the US and the Successor States in Central Europe after the First World War

Rumania, which possessed a significant quantity of the "black gold". The U.S. oil companies, especially Standard Oil of New Jersey, were not able to make large profits in Europe, with the possible exception of Rumania. It is therefore understandable why Standard Oil tried to preserve its positions here tooth and nail. In addition to the direct profit interests of the company, the U.S. was also greatly interested in Rumanian oil because of strategic considerations. It became clear that this kind of energy was going to be crucial in a number of areas, including the military and the navy; so the question was turned into one of national security by the Republican administrations. However, the Americans had to deal with one of the most nationalistic governments of the region. Rumanian nationalism did not restrict itself to the political side but incorporated the economic one, as well. As F. Hertz put it "They (the three Bratianu brothers and the Liberal Party) aimed at the complete exclusion of foreign capital so necessary for Rumania and proclaimed the slogan: 'By ourselves alone!"'

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2 Nevertheless, the slogan should not be taken at face value, either. The Rumanian government raised a loan in the value of $ 175 million in 1922. The subscribers were mostly Anglo-American financial sources. One of its effects was that "the depreciation of the leu was slightly slowed down."

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3 Later, Rumania again tried to get loans

—in the fall of 1922—but this time the American government, strictly applying the words of the State Department press release of March 1922, rejected supporting the request because the Rumanian war debts were still unsettled. "Rumania adjusted its war debt three years later, and subsequently obtained the desired loan", wrote J.W. Angell.

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4 However, hostile feelings were cherished on both sides as the subsequent crisis with Standard Oil proved it beyond dispute. In Rumania the only American company operating was Standard Oil of New Jersey. In 1905 it organized the Romana-Americana, which, by 1928, had assets of more than 18 million dollars. Jersey Standard's refineries here, 5

2 Hertz, op. cit., 89. CO Berend and Ránki, Economic Development, 89. 5

4 James W. Angell, Financial Foreign Policy of the United States (New York: Russell and Russell, 1965) 101. 89