The Anglo-American Petroleum Agreement (August 8, 1944) was a failed attempt by the British and American governments to establish a lasting agreement to manage international petroleum

Petroleum

Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...

 supply and demand. The agreement would have established the International Petroleum Commission for the purposes of balancing discordant supply and demand, managing surplus

Surplus

Surplus means when there is more supply than demand, as in extra resources.Surplus may refer to: dumd* "The Surplus", an episode of The Office* Surplus: Terrorized into Being Consumers, a documentary film...

, and bringing order and stability to a market

Market

A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers...

 laden with oversupply, but the agreement faced near total opposition from the petroleum industry

Petroleum industry

The petroleum industry includes the global processes of exploration, extraction, refining, transporting , and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline...

, prompting U.S. President Franklin Roosevelt to withdraw and abandon the agreement.