History of Standard Oil
Standard Oil was an American oil company founded by John D. Rockefeller in 1870. It was one of the largest and most powerful monopolies in the history of the United States, dominating the oil industry and exerting significant control over oil production, refining, and distribution.
John D. Rockefeller, along with his partners and associates, formed the Standard Oil Company of Ohio in 1870. Initially, the company focused on refining and marketing oil products. However, Rockefeller quickly recognized the potential for consolidating the industry and creating a vertically integrated company that controlled every aspect of the oil business.
Standard Oil employed aggressive business tactics to eliminate competition and gain control over the market. It employed practices such as secret rebates, predatory pricing, and discriminatory railway rates to drive smaller competitors out of business. Standard Oil also acquired rival companies and established strategic partnerships, furthe…
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