The Golden Gimmick refers to a foreign tax credit deal enacted in November 1950 by the U.S. Government under President Harry Truman between King Ibn Saud of Saudi Arabia and the Arabian-American Oil Company (ARAMCO), a consortium comprising Standard Oil of California (Chevron), Standard Oil of New Jersey (Exxon), Standard Oil of New York (Mobil) and Texaco. King Ibn Saud was being influenced by Juan Pablo Pérez Alfonso of Venezuela who cut a similar 50/50 deal with New Jersey Standard Oil and Royal Dutch Shell.
The Golden Gimmick refers to a foreign tax credit arrangement implemented by the U.S. Government under President Harry Truman in November 1950 between King Ibn Saud of Saudi Arabia and the Arabian-American Oil Company (ARAMCO), which was a consortium comprising Standard Oil of California (Chevron), Standard Oil of New Jersey (Exxon), Standard Oil of New York (Mobil) and Texaco. King Ibn Saud was being guided by Juan Pablo Pérez Alfonso of Venezuela, who had made a similar 50/50 deal with New Jersey Standard Oil and Royal Dutch Shell.