How Did Rockefeller Contribute To The Economy

John D. Rockefeller was a great man in United States history. He pioneered the U.S. oil business and led a nation to great success. He made millions of dollars and built one of America’s greatest businesses. Even after his business was disbanded due to monopoly regulations, he still contributed millions of dollars to charities and organizations to continue his legacy. Rockefeller created America’s oil boom, set the bar for U.S. trade and exports, and left millions to charity after his death. Rockefeller was most known for his position in the oil business where his moto was “The best oil at the lowest prices” (Folsom np) describes how he ran his business. In 1885 he started his business but at that time is more expensive to ship the oil across the country then he could make off of it. So he created a system of railroads to ship his own oil. It saved his company millions. This business move eventually was the one of the causes of the down fall of his business. In 1865 he bought out his partners and created standard oil. It created a monopoly that would later be disbanded due to monopoly rules.

Russian prices were extremely low so outside countries would buy from Russia. Rockefeller saw this and cut many cost to lower the price of oil. Previous to this time period only the rich could afford the oil that was required for candles and other commodities. But while this price drop was happening and Standard Oil was able to export much more, the price of oil dropped incredibly from a dollar and eighty two cents to just fifteen cents a barrel making oil affordable to anyone. Exports soared and the U.S. became a world power in the export category (“John D. Rockefeller”