OIL INDUSTRY IN ROMANIA IN THE PERIOD 1918-1948 BETWEEN DOMESTIC AND FOREIGN CAPITAL

Marius Bulearcă

Journal of Financial and Monetary Economics, 2018, vol. 6, issue 1, 160-168

Abstract: The development of the Romanian oil industry covers a relatively short period of only 160 years, but the interest that oil has produced has been and still remains enormous. The influx of foreign capital in the Romanian oil industry has undoubtedly contributed to its development, but foreign capitals have monopolized almost all the oil industry in the country. Romania has experienced the consequences of this situation, which has marked the future general development of the country. The year 1947, or "the final year of the Romanian oil industry based on private capital", did not complete the period of restoration, despite the aggressive intervention of the communist power. The nationalization of the Romanian and foreign oil companies from June 11, 1948, made the first step towards the absolute management and control of the Romanian oil industry, the clear signal of Romania's political and economic isolation, with all its consequences, at least until 1964.

Keywords: oil industry; domestic and foreign capital; oil and petroleum products trade; the oil law (search for similar items in EconPapers)
JEL-codes: K11 N50 Q35 (search for similar items in EconPapers)
Date: 2018
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