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Standard Oil: John D. Rockefeller

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Standard Oil: John D. Rockefeller
Standard Oil was founded by John D. Rockefeller, along with several other partners, in 1865. While the company was still relatively new, Rockefeller bought out his partners and took control and majority ownership of Standard Oil. Rockefeller later brought in new partners and expanded Standard Oil by buying rival refineries and creating new distribution and marketing methods. By 1882 the Standard Oil Trust was created. Standard Oil Trust began to dominate the oil industry, making it impossible for other oil companies to compete. The Standard Oil Trust cornered the market in the American oil industry. It was a monopoly that made John D. Rockefeller one of the richest men in the world, while at the same time destroying the businesses and lives of smaller competitors. The Trust eventually came to control 90% of the American oil industry. …show more content…
Rockefeller’s business practices regarding Standard Oil were remarkable, admirable and even despicable, depending on what your business relationship was with Rockefeller and his partners was. Rockefeller’s business model was a monopoly which eventually led to anti-trust laws preventing such practices. After years of fighting in U.S. Courts, the Standard Oil Trust was declared in violation of U.S. trust laws and dissolved. However by the time this happened Rockefeller had amassed a fortune which made him the world’s
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