Edward L. Doheny prices were high. The Mexican Petroleum Company was the largest in Mexico, and Mexico was the largest oil producer in the world. In 1922 Albert B. Fall, U.S. Secretary of the Interior, leased the oil field at Elk Hills, California, to the Pan American Petroleum & Transport Company. Around the same time, the Teapot Dome Field in Wyoming was leased to Sinclair Consolidated Oil Corporation. Both oilfields were part of the US Navy's petroleum reserves. Neither lease was subject to competitive bidding. In 1924 rumors about corruption in the deals escalated into the Teapot Dome scandal. Doheny's reputation was somewhat
The Great Salad Oil Swindle The Great Salad Oil Swindle The Great Salad Oil Swindle is a book by "Wall Street Journal" reporter Norman C. Miller about Tino De Angelis, a New Jersey-based wholesaler and commodities trader who bought and sold vegetable oil futures contracts. The book was published in 1965 by Coward McCann. In 1963, De Angelis was responsible for a major financial scam, attempting to corner the market for soybean oil, which can be used in salad dressing. In the aftermath of the Salad Oil Scandal, investors in 51 banks learned that he had swindled them out of about $175 million in total