How Did John D Rockefeller Impact The Oil Industry

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

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

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,