John D. Rockefeller's Expansion Of Standard Oil

The majority of the oil reserve is owned by huge billion-dollar companies like Chevron, Mobil, and Exxon. The partners, Rockefeller and Clark, saw an opportunity for oil. In 1870, to reduce the fears of the people on kerosene, because can be a big fire hazard, Rockefeller and the company decided to change the name of their oil scheme to Standard Oil. The South Improvement Company aimed for the establishment for a monopoly of the oil industry by many oil companies, with quite a bit under the leadership of Standard Oil. Standard Oil started to experience some negative criticisms. Not willing to give up in a huge expansion of Standard Oil, Rockefeller relied on plan B - a buyout. Rockefeller was lucky, a panic in the stock market dropped all of the stock prices of several companies, including some in the oil industry. Since Rockefeller was a good investor, instead of selling during a panic, he took the

Since the ownership of shares outside the home state was illegal back then, the State of Ohio sued Standard Oil in 1889, for violating some laws. After a long court battle, the court decided that Standard Oil was guilty and ordered the break-up of the Standard Oil Trust. In 1896, John D. Rockefeller made a decision to retire from Standard Oil but still remained president of the company. Over the years, Standard Oil continued its monopolistic practices in the oil industry and received more criticisms. The days of Standard Oil monopoly was numbered at the dawn of the 20th-century. After five years of court battle, the US Supreme Court decided that Standard Oil violated the anti-monopoly laws and ordered the breakup of the company into 33 smaller entities. The separation of Standard Oil became a paradox for Rockefeller. Companies from his monopoly included major oil companies of today: Exxon, Mobil, and