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John D. Rockefeller's Role In The Oil Industry

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John D. Rockefeller was born on July 8th, 1839. He was the 2nd of 6 children born to William Avery Rockefeller and Eliza Davison in Richmond, New York. As a sixteen year old, Rockefeller got his first job as a bookkeeper for a small commission Firm called Hewitt & Tuttle. In 1859 he and Maurice B. Clark started a partnership together, which eventually led to them founding an oil refinery in 1863. Eventually, he bought out the Clark family’s portion of the business for 72,500 at an auction in the year 1865. Due to the Civil War just ending, oil was needed to flourish the economy, he was in a good place to become a powerful force in the oil industry. He continued to build relationships with other members of the oil industry. By June of 1870, …show more content…

His brother William had created an oil refinery in Cleveland and brought him into it soon after. This eventually became the largest oil refinery in the world, and was named Rockefeller, Flagler, and Andrews. This company was the predecessor to the Standard Oil Company. In 1870, the Standard Oil Company was formed by Rockefeller. At first this was the largest provider in Ohio, but soon this became the largest producer and provider of oil and kerosene in the United States. In Standard Oil's enormous empire, they owned 20,000 domestic wells, 4,000 miles of pipeline, 5,000 tank cars, and over 100,000 employees. In the 1890's Rockefeller decided to start in the transportation of ore and expanded into iron ore also. Which forced a hard collision with a steel magnate Andrew Carnegie. and their competition became a major talk within the nation. Early, Rockefeller decided to think about retirement with his amazing succession and probably the most influential company of all time. After a deal broker named Henry Clay Frick exchanged standard iron's interest for U.S. steel stock and gave Rockefeller and his son membership on the company's board of directors. In 1903, Rockefeller was at full retirement and after his investments in 1902, he owned a total of over $58

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In the 1870’s oil prices where unstable and the production was always different. Rockefeller approached the owner of Cleveland's largest oil refinery owner and proposed they unite their companies. This would hopefully level prices and even production. The companies united as the Stand Oil Company. Rockefeller expand the influence of Standard Oil during the 1870’s and 1880’s.

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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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Rockefeller established an oil refinery near Cleveland. Within the first two years it was the largest in the area. Eventually, after many successes in the industry, Rockefeller turned his full attention to the oil business. In 1870, Rockefeller and his partners started the Standard Oil company. This business immediately began making money, partly because of the favorable economic conditions and partly because of Rockefeller’s drive to streamline the company’s operations and keep margins high.

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Rockefeller states that, “We must ever remember we are refining oil for the poor man and he must have it cheap and good” (Folsom, 2010, p. 83). In the market for oil, prices were not consistent, and Rockefeller was determined to remove any unnecessary aspects and use oil efficiently to mass produce and provide at the lowest cost. The work it took Rockefeller to offer the availability of oil allowed his market entrepreneurial persona to succeed within the process of creating a remarkable product that created the wealth of the oil

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Thereafter he would begin to devote himself solely to his oil business. As his business began progressing in size, he would continue expanding his fortunes by buying out any competitors until 1877,

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John D. Rockefeller was the founder of the Standard Oil Company and became one of the wealthiest men of his time. His company was the major leader of the oil business in the United States during his reign. Standard Oil company served as a prime example of how companies should function, which helped to guide others to follow in his footsteps. He was a major philanthropist and used his large fortune to fund many philanthropic causes. His donations helped pay for the creations of the University of Chicago, the Rockefeller University, the establishment of Central Philippine University, and many others.

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Rockefeller, aside from being the richest person ever recorded, also happened to be one of the most controversial figures of history. He began his journey to wealth during the civil war by starting an oil refining company, the profits of which he saved, except for what he gave to the union. Eventually, he established the firm Rockefeller, Andrews, and Parker; which owned two oil refineries in Cleveland. This firm was the predecessor to Standard Oil, which would soon become his empire. Once Rockefeller opened Standard Oil and began to rise in the ranks of the competitive industry, the means by which his business grew became clear and were met with strong criticism.

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He created a clean ,refined oil that led to America’s industrialization. Next, he created pipelines which were used to transport oil. These pipelines were long enough to move oil over miles of land. Even today they are still used. Rockefeller industrialized the entire oil

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Also for the longest time Rockefeller had a monopoly over oil. Rockefeller produced oil, called Standard il. Since nobody else could figure it out they had to only buy from him. So he could make oil as expensive as he wanted. The il he prduced made light everyone needs light, so pf course he got a ton of business.

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Rockefeller’s career in business started at the very bottom of the ladder, clerking in a commission house. He worked in the commission house for three and a half years before quitting to start a business transporting various goods for companies. Rockefeller’s company had the good fortune of opening right before the start of the civil war and “due to his hard work and wise decision making,” he gained a decent fortune transporting agricultural goods. After the war he speculated that there was nothing more to be gained from the cargo transporting business, so he took a risk and invested in the first of his oil refineries in 1865. In the first year Rockefeller’s refinery was double the amount of any other refinery in Cleveland and in 1868 he was running the largest oil refining company in the world.

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Rockefeller, who created a monopoly over the American oil industry. Starting in 1859, with the discovery of oil in Pennsylvania, Rockefeller saw possibilities of a new oil industry rising in the United States. He created the Standard Oil Company in 1870, running an efficient company and controlling all aspects of the oil production. Rockefeller then started to eliminate all prospects of competition, creating a monopoly ten years after his company had been built. To achieve the amount of success that Rockefeller was able to attain, many have claimed that Rockefeller truly was a robber baron with his actions of deceit and illegal activity.

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John D. Rockefeller John D. Rockefeller was born on July 8, 1839 into humble family and over time became owner of the Standard Oil Company. As a young boy, one could tell he was a business man at heart; John was always trying to sell small things to gain money. He had a passion for discovering the secrets of business and understanding how to obtain a successful life. He thrived in the business and became the most powerful monopoly at the time. With the wealth that came with his business, also led to controversy over his actions.

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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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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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In 1870, Rockefeller formed the Standard Oil Company of Ohio, along with his younger brother William (1841-1922), Henry Flagler (1830-1913) and a group of other men. John Rockefeller was its president and largest shareholder. In 1865, Rockefeller borrowed money to buy out some of his partners and take control of the refinery, which had become the largest in Cleveland. Over the next few years, he acquired new partners and expanded his business interests in the growing oil industry.

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