The reactions on the part of oil-producing countries went far beyond “regret.” Standard Oil of New Jersey had suddenly made a significant slice in their national revenues. Moreover, that decision, so critical to their fiscal position and their national identity, had been carried out unilaterally, without any consultation. They were outraged. “All hell broke loose,” recalled Howard Page. Another Jersey executive, who had also opposed the cut, was in Baghdad when it was announced. He was, he later said, “glad to get out alive.”
