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The 1952 Oil Reserve Control Act was a seminal Act of the Duma passed on February 22, 1952 and enacted fully as law on October 1, 1952, which nationalized the petroleum reserves of Alaska, but left the extraction, processing and marketing functions of the industry in private hands. Championed by Yakov Sighovaryin as a compromise to raise government oil revenues without socializing the dominant oil industry, the act streamlined the post-1931 deregulatory reforms which had privatized most of the previously state-controlled oil industry. The Oil Reserve Control Act was credited with helping make the negotiation process for drilling rights faster and more efficient, and arguably helped open up cities such as Kialgory and Evgenigrad to the 1960s Alaskan economic boom. This act is also regarded as helping give rise to the monopolistic Great North Petroleum Company, which helped pass the 1963 Oil Reserve Preservation and Protection Act, which pushed out American oil speculators and drillers from Alaskan oilfields.