We also launched our contingent term repo facility, which broadened the list of financial institutions that we engage with for these operations. This provided liquidity access to large asset managers that are active in repo markets.
Indeed, as late as 1952, crude oil production in the United States (44 percent of which was in Texas) still accounted for more than half of the world total. Excess Texas crude oil capacity was notably brought to bear to contain the impact on oil prices of the nationalization of Iranian oil a half-century ago.