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John D. Rockefeller And Standard Oil

558 Words3 Pages
Standard Oil was an American Oil producing, transporting, refining, and marketing company. It was the biggest Oil producing company of its time.

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Introduction

In 1870 John D. Rockefeller created the largest oil refiner corporation in the world of its time. Rockefeller was a founder, chairman and major shareholder. With the dissolution of the Standard Oil trust into 33 smaller companies, he became the richest man in the world.

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John D. Rockefeller, America’s first billionaire, founded one of history’s most illustrious and dominating companies in the Standard Oil Company. There are few who will dispute the success of Rockefeller’s tenure as a businessman, much less his latter years a philanthropist, giving away what would be billions of US dollars converted into today’s currency (Kumar, 2012). Even as a young man, the relentless Rockefeller was “already recognized as one of Cleveland’s outstanding young merchants”, being described as “honest, reliable, and with a shrewd sense of commodity markets” (Morris, 2005, p. 17). These traits would prove to be useful, as the founder of the Standard Oil Company would take on numerous encounters with some of the most influential businessmen of his time. Rockefeller’s swift and ambitious strategies towards vertical integration, efficiency, forming partnerships and his efforts to expedite growth in his businesses were extremely effective in creating his success in such a nascent and wasteful industry such as oil.

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After the pipelines were finished Rockefeller realized he did not need the help of others any more. This was the start of Rockefeller’s Standard Oil

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The Standard Oil Company headed by John D. Rockefeller and Henry M. Flagler is one of the most well known monopolies to have ever existed. Dominating the oil industry during the industrial revolution, Standard Oil was the first corporation to use the trust system and grew into a national oil corporation that eventually controlled a majority of the United States oil industry. Though no longer existing, the lasting impacts of Standard Oil and its founders can still be seen today. Established in Ohio, in 1867, the Standard Oil Company grew from a small refinery into a monopoly controlling roughly 95% of the oil refining industry by 1878 (Montague, 1902). With the help of investors and the guidance of eventual firm partner Henry M. Flagler, Standard

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Billionaires are an anomaly of society. These individuals manage to accumulate mass amounts of money in the few years life provides us with. One of the most famous billionaires to ever live was John Davidson Rockefeller. In 1870, John D. Rockefeller along with a few of his associates created the Standard Oil Company (The Editors of Encyclopaedia Britannica). Over the years Standard Oil flourished, and eventually rose to the top of all oil refining companies.

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