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How Did John D Rockefeller Impact The Oil Industry

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John D. Rockefeller impacted the oil industry and America’s views on monopolies and transportations.
John D. Rockefeller was born in 1839 In Richford, Tioga County, New York and grew up on the family farm. At a young age, Rockefeller knew that he wanted to be a businessman. He would raise turkeys and loan the money he made to local farmers. Rockefeller attended school at Owego Academy and High School in Cleveland and excelled in mathematics. That came in handy later in life. Rockefeller was determined to get a job and traveled all over Chicago before landing his first job as an assistant bookkeeper at Hewitt & Tuttle. Despite only earning $25 a month, he gave a majority of it to his church and charities. Rockefeller quit after the business …show more content…

Rockefeller knew that to become a successful businessman he would have to pay close attention to every detail. Rockefeller knew that locations were important, so he chose places closest to water and rail transportation. He also would send his men into the oil fields to buy oil instead of buying it from a middle man. Rockefeller was so obsessed with the efficiency of the company that his first major change in the company was to build their barrels and wagons for the oil. He also made sure that nothing was wasted and found a use for the by-products of the refining process. By 1865, Excelsior Oil Works was producing 500 barrels of refining oil, making it one of the largest refineries in the country (Krasner). Rockefeller saw great success in the oil business and brought his brother William into the business, starting Standard Works. He left the operations to his brother and partnered up with Henry M. Flagler and Samuel Andrews to start Rockefeller, Andrews & Flagler. The company soon turned into the world’s largest refinery ("American Experience: TV's Most-watched History Series.") Rockefeller also helped to create South Improvement Company, which was a part of the refinery. The company arranges with railroads for a discount price on all their shipments. The public protest and after three months the plans were canceled ("Rockefeller, John …show more content…

Determined to raise the stock price, Standard Oil had trucks going around to businesses and homes marketing and selling their product. They tried to force all stores that sold kerosene and lubricants to only to sell Standard products. When the Attorney General of Ohio brought suit in 1892, Standard Oil Trust was terminated ("American Experience: TV's Most-watched History Series."). John D. Rockefeller resigned from Standard Oil in 1911 after the Supreme Court ruled Standard Oil a monopoly. Standard Oil broke up into 34 companies, but Rockefeller still got to keep all the shares that he had in Standard Oil. Rockefeller’s fortune exceeded what he could manage, so he had to hire a full-time manager just for his money. During Rockefeller first year of retirement was when he reach another great accomplishment in his life. He became the world's first billionaire from the dividends he collected from all of the descendant companies of Standard Oil ("John D. Rockefeller."). Rockefeller didn’t make all his money from the oil business he had other investments. He owned an iron-ore business that he sold to J.P. Morgan for 80 million dollar making a profit of 50 million dollars ("Rockefeller, John D(Avison)."). Many people believe that Rockefeller was a greedy crook, but he gave nearly half of his fortune away to various colleges. Rockefeller founded The University of Chicago,

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John D. Rockefeller is not a robber baron. In the text it said he treated his top managers like heros and gave them praise, rest and comfort.(John D. Rockefeller and the oil industry) That shows that he cares about his workers. John D . Rockefeller said that “ I trust you will not worry about the business.

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He became a philanthropist when he donated much of his money to good causes. He bought shares in the iron mills in factories that made sleeping cars and locomotives. He also was a captain of industry and invested in a company that built railroads and bridges . Carnegie has a university in chicago called university of chicago, as well as Carnegie Hall in New York City. Carnegie also formed a huge monopoly after he took over the steel industry.

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Not long after his first company took off, in 1870, he created Standard Oil Co., which was a combination of a few of the other businesses he had started. Rockefeller used refineries to extract oil, rather than some of his competitors who preferred to use oil rigs. What truly helped Rockefeller rise above his competitors was actually undercutting their prices, and even offering money to railroad companies to only ship materials to him, which caused his competitors’ businesses to go bankrupt. He used a business tactic called the trust, where he took shares in other companies, offering the owners a place on the board of directors and dividends in the company. This tactic gave Rockefeller more control over his competitors’ businesses, which affected everyone else negatively.

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American businessmen, of the 1800’s, built America to be one of the greatest superpowers in the world. To start, businessmen of the 1800s consisted of men like John D. Rockefeller, Cornelius Vanderbilt and Andrew Carnegie. Some of these men were split by how they got their money; Captains of Industry and Robber Barons. Captains of Industry were business leaders that helped the nation in a positive way. On the other hand, Robber Barons were men that shrewd capitalists, swindled the poor and benefitted for themselves.

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As time passed, Rockefeller moved to Cleveland, Ohio, at the age of fourteen with his family. Enthusiastic and diligent, he embarked on a number of small-business

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Rockefeller was so ruthless and wealthy he was called The Leviathan. Rockefeller got wealthy through monopolies ( trust) a monopoly was when a corporation buys out its competition so they can have full price control so they could charge however much they wanted for that product which means they eliminated the free market

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After the trial Rockefeller was charged with many things and Standard Oil was broken down from a monopoly and Rockefeller was forced to step down was the

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His life growing up, gave him the experience of what the lower class people had to endure, he started out with nothing, but he took advantage of the opportunities he was presented with. Rockefeller, although he is portrayed as a robber baron, gave away more than half of his profit from the oil company, as well as donated one tenth of his income to charity. (The Trust and Monopoly) Despite being labeled falsely as a robber baron, he proved that he was a resourceful businessman that saw an opportunity and went for it, he used his resources and connections in the railroad company to earn him the millionaire status. With great power comes great responsibility, and these captains took it upon themselves, and realized that their responsibility, and duty to the nation, was to inform and educate the people on how to be successful as well.

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While there are many robber barons that have existed throughout time, one of the most famously remembered robber baron, during the late nineteenth century and early twentieth century, was John D. Rockefeller. Rockefeller was easily one of the most influential industrialist in his time. Aside from building Standard Oil into America’s largest company, he formed what was arguably the first modern multi-national company. He was innovative with how Standard Oil was structured, leading the U.S. governments changing their corporation codes and passing anti-trust legislation. His company was purposefully named, to assure customers that the oil being purchased was professionally processed to a standard.

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After completing the business course in three months, 16-year-old Rockefeller secured a bookkeeping position with Hewitt & Tuttle, a commission merchant and produce shipper. John D. Rockefeller went on to be one of the wealthiest people of America, but what made him a true captain of industry? John D. Rockefeller was the head of the Standard Oil Company and one of the world's richest men. He built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. By 1882 he had a near-monopoly of the oil business in the U.S., but his business practices led to the passing of antitrust laws.

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In particular, John D. Rockefeller, founder of the Standard Oil Company, was known for his ruthless grip on the oil industry through eliminating competition. He even made it a point to call competition “a sin” and [ANOTHER QUOTE], and followed suit with this philosophy by making deals with railroad companies for reduced prices in exchange for promised large shipments. The public outcry against Rockefeller’s practices became so widespread, [FINISH]. Separate from the ethical questions that prompted the U.S. government to break up Standard Oil into several companies, Rockefeller’s technique of acquiring smaller companies to aggressively grow his own company was “a move that pioneered modern American capitalism” according to History.com (2010). History will see Rockefeller as a complex man, known for his discipline, ruthlessness, and generosity, who created turmoil in the oil industry through his seemingly unrestrained practices in capitalism.

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He was oftentimes considered the “Man of the house” when his father would go out with no return date. His mother heavily relied on him and that gave John D. Rockefeller a strong sense of duty and responsibility. The family later moved in 1849, near Owego, New York. John attended Owego Academy where he learned to write essays and give speeches. The family once again moved to Ohio but this time John’s father “Big Bill” started gaining popularity as a cancer specialist who could cure cancer with his bottle cures he sold for as much as 25 dollars per bottle.

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John D. Rockefeller Sr: How did John D. Rockefeller impact the Industrial Revolution John Davison Rockefeller Sr. once stated “If you want to succeed you should strike out on new paths, rather than travel the worn paths of accepted success” (John D. Rockefeller Quotes). John D. Rockefeller was the founder of Standard Oil in which then became one of the wealthiest men in the world. Rockefellers ongoing funding as a philanthropist and trust in oil is how the man's name still lives on to this day (The Rockefeller Archive Center). For thousands of years oil has been a main resource for human consumption, and remains the same.

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Several industrialists had a major impact on the Gilded Age. These industrialists were Andrew Carnegie, John D. Rockefeller, Vanderbilt, Thomas Edison, and Alexander Gram Bell. Andrew Carnegie made steel from iron which helped to build railroads and buildings. He also developed a process that sped up the production of steel by 96 times. This process is known as the Bessemer Process.

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Rockefeller: The Captain of Industry that has helped our country thrive “The best philanthropy” he wrote, is constantly in search of finalities- a search for a cause an attempt to cure evils at their source” - John D. Rockefeller John D. Rockefeller was the richest man of his time but, used his wealth to improve our country. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. In 1870 Rockefeller established the Standard Oil Company. With the establishment of the oil company Rockefeller controlled 90% of the oil business in America by 1880.

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