I looked up Ultra Project on Wikipedia. We had a version of that in Canada, at McGill University. Your version was probably 10x bigger.

Looking up political terminolgy on Wikipedia is trying to split hairs. Apparently, there is a big difference between a "conservative liberal" and a "liberal conservative." There are even different shades of libertarianism.

Some people like these fine labels, but society just needs some broad definitions to explain the differences.

Anyways, all democratic society have both socialism and capitalism in them. The USA is far from a pure capitalist society. At least the pre-2024 version was.

In Canada, all petroleum reserves are under provincial control. Petroleum rights are auctioned off, with the highest bid usually winning the tract. I would say that this market value.

I believe the US states have jurisdiction over their petroleum tracts. I believe tracts are also auctioned off. But maybe there are some "one-bidder" deals struck between the government and oil company. And the feds do have rights in some places.