Report from Washington. Soviet oil, 1963 June 26
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Senator Peter H. Dominick (R-Colo.) delivers his weekly radio address, Report from Washington, on June 10, 1963. Sen. Dominick discusses various aspects of the Soviet oil industry including its rapid expansion into a dominant position in the world oil market, the sale of Russian oil below market price, and the Soviet practice of trading oil for manufactured goods instead of currency. By expanding their oil industry, Dominick says that the Soviets hope to benefit their economy, disrupt the oil industry in the United States, and use oil as a means to politically manipulate their trading partners.