Standard Oil
Standard Oil Co. Inc. was an American oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world. Its controversial history as one of the world's first and largest multinational corporations ended in 1911, when the United States Supreme Court ruled that Standard was an illegal monopoly.
Standard Oil dominated the oil products market initially through horizontal integration in the refining sector, then, in later years vertical integration; the company was an innovator in the development of the business trust. The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. "Trust-busting" critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened consumers.
John D. Rockefeller was a founder, chairman and major shareholder. With the dissolution of the Standard Oil trust into 33 smaller companies, Rockefeller became the richest man in the world. Other notable Standard Oil principals include Henry Flagler, developer of the Florida East Coast Railway and resort cities, and Henry H. Rogers, who built the Virginian Railway.
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American History USA Articles
- The "Cleveland Massacre" -- Standard Oil makes its First Attack
John D. Rockefeller sought to impose order on the chaotic oil business. With Henry Flagler, he formed Standard Oil in 1870 and went on the offensive. - John D. Rockefeller in the Civil War
After the Pennsylvania oil strikes of 1859, a Cleveland chemist sought investors for his new refinery. The man he found would change the world.
Books/Sources
- Standard Oil or The People - Henry H. Klein
- The History of the Standard Oil Company: Briefer Version - Ida M. Tarbell