Product Details

Nicely engraved antique stock certificate from the Commonwealth Oil Refining Company, Inc. dating back to the 1960's. This document, which carries the printed signatures of the company President and Secretary, was printed by the Franklin-Lee Division of the American Bank Note Company and measures approximately 12" (w) by 7 3/4" (h).

The certificate's vignette features an eagle on a crag.

Images

You will receive the exact certificate pictured.

Company History

The Commonwealth Oil Refining Company, Inc. (CORCO) was an oil refinery established in the towns of Peñuelas and Guayanilla in Puerto Rico in the second half of the 20th century. At one point, the company was ranked among the 500 largest in the United States by Fortune Magazine.

In 1978, it supplied 80% of all petroleum products consumed in Puerto Rico and, at 2,700 employees, was Puerto Rico's largest employer. In addition, it was considered "among the largest independent petroleum refiners and petrochemical producers in the world."

The refinery bought most of its oil from Venezuela and the 1970s Oil embargo shot up the price of crude oil imports to the United States, and thus Puerto Rico, and made it difficult for the company to be compete profitably against oil refineries in US, as the American refineries were able to soften the blow of higher crude prices by purchasing domestic  crude. This reality led to a gradual closing of operations starting in 1974. After operating under bankruptcy laws for several years, the ailing company finally shut down in March 1982, with devastating economic results for the region.