The New Electoral Law For The Russian Duma (1908)

At auction, the major companies that won the bids offered the treasury 57БЂ“70% of the oil produced as rent. However, to the surprise of the oil industrialists, the Senate rejected the auction results. As justification for their decision, the senators stated that БЂњthe existing terms do not guarantee market prices for crude oil.БЂ«The Senate resolution also contained this language: БЂњThe major firms do not fear large percentage payments, so long as they can secure for themselves the treasuryБЂ™s remaining reserves of oil lands, in order to make themselves masters of the oil market.БЂ«After voiding the results of the 1906 auction, the Russian State Duma managed, after fierce debate, to establish only БЂњthe urgent need to promulgate a new oil law.БЂ«And consequently, one Russian newspaper wrote: БЂњBeginning in 1906, the ministers of industry and trade, accepting the portfolio, zealously emphasized in their declarations that the oil law was first and foremost; what remained was only to discuss it.БЂ«Understanding the urgent need to restore the industry, the Russian government proposed an auction in 1909 under new rules, but the State Duma rejected that proposal as well ...»