Nathan Schachner, 'The Great Oil War' (Wonder Stories, 1933).
Part of Schachner's 'The Scientists Revolt' series, this episode portrays the Technocrats taking over the oil industry.
Briefly, control of the entire oil industry from oil lands to gasoline selling stations passed into the hands of a corporation to be composed of the Technocratic Council, live outside technicians agreed upon by the negotiators, three economists of international reputation, Secretary Wilmot for the United States Government, and Stoneman as representative of the old order. It was duly noted that the Technocrats had a working majority.
The oil holdings were to be appraised at factual value by a commission of three experts of proven impartiality, and bonds issued for that amount to the stockholders in the conglomerate of oil companies. Dividends were to be paid thereon at the rate of three per cent per annum ; two per cent of the bonds to be amortized each year so that in fifty years the entire issue would be retired. There were to be no other charges against the industry; the price of oil to the consumer to be based on cost. The Technocrats were to obtain official immunity for all past acts and alleged crimes.
