ipl-logo

Standard Oil Company Research Paper

630 Words3 Pages

After the Civil War, America became a nation with a high volume of industrialization. This industrial boom was something that would change America for years to come, and would help America progress into what now we call the modern world. Inventions and innovations were screening everywhere, and were changing the everyday lives of American citizens and businesses. An extremely dominant business was called the Standard Oil Company, a trust that was founded by John D. Rockefeller. Rockefeller would progress to become an extremely wealthy and successful man, mostly because of his sly and questionable business tactics. He became the monopoly for the oil industry and drove other business competitors off the grid. Standard Oil became so dominant …show more content…

What if something were the happen to the oil company? There would not be any other companies to catch the fall of it. I think that having multiple options with businesses is the right way to manage an industry. With Standard Oil being so dominant, this intimidated workers and smaller businesses into doing things they did not want to do anymore. An example of this would be how Standard Oil forced oil transport companies to pay fees while shipping the oil. This is unfair and should be illegal, but the transport company had no other choice, since Standard Oil was the only oil company that was successful. The transport company just could not afford to say no. Rockefeller and his business tactics were greedy, and I think that the government should have gotten involved with him and his company. I do not think that the government should have split up Standard Oil though, because I do not believe that the government should interfere with private businesses, whether it is a monopoly or not. I do think that they should have required laws that prevented Rockefeller from taking advantage of his wealth and forcing unfair labor upon other companies. Enforcing the Sherman Anti-Trust Act was one of the best things that Roosevelt could have done for the world of

Show More
Related
757 Words | 4 Pages

The US was under heavy control of a lot of trusts that were ran and were worth a lot of money. Standard Oil had a ton of products they were producing which made them have better control on the railroad, because they were the biggest lube manufacturer for the railroads. In the first presidential election of the 19th century the biggest issue in the election was trusts. The main reasons Standard Oil was broken up was because of the Sherman Antitrust Act and Standard Oil Co. of New Jersey v. United States.

Read More
1640 Words | 7 Pages

With Standard Oil being the leading oil company, this limits other oil companies to sales because Standard Oil had the rights to many companies to produce and sell oil leaving very few businesses that other oil companies could sell to. This puts the little companies into a decrease in sales while Standard Oil makes a huge increase in sales. Small businesses worry about becoming bankrupt while Rockefeller becomes wealthy. Rockefeller was the reason why there were limits to big businesses because he was in control with oil companies not allowing others to succeed as

Read More
1260 Words | 6 Pages

He did this by buying smaller refiners or drove them out of business across the United States. By the early 1880’s, the Standard Oil company had control in about ninety percent of the oil refineries located in the United States. To eliminate business Rockefeller was accused of using unethical practices. Including, undercutting oil prices of other companies known as predatory pricing. He was also accused of colluding with railroads to eliminate his competitors ability to distribute product.

Read More
800 Words | 4 Pages

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.

Read More
490 Words | 2 Pages

Using this profit he buys out every other refinery company all his rivals. At the age 33 he is the most powerful man in the country. Vanderbilt seeing this gets another railroad to pull all their contracts with rockefeller and make him pay more rates rockefeller seeing this finds out he can use pipelines for large distance transportation taking the railroads out of the business. This causes the stock exchange to close causing the first nationwide depression causing many workers to lose jobs.

Read More
1248 Words | 5 Pages

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

Read More
1950 Words | 8 Pages

Sammy Friedman Mr. Di Bartolo Term Paper The Standard Oil Company, founded in 1870, was one of the most notable companies in American history. Its success was unprecedented, and its effects on the American economy and way of business were powerful and lasting. Founded and expanded by John D. Rockefeller, the Standard Oil Company absorbed almost all other oil companies in the country and consolidated all of them under one “trust.” It then chartered several smaller branches in different states, such as New Jersey, in order to monopolize the oil industry and create an oil empire.

Read More
1154 Words | 5 Pages

Railroad managers invented modern systems for running large scale business operations, making a model that other large corporations shadowed. The railroads created job paths that took 18 year old boys and revolved them into brakemen, engineers and conductors. John D. Rockefeller, with the railroads in the palms of his hands, was able to could supply every home in the United States with “Standard Oil” kerosene. With all of his earnings, Rockefeller bought out his competition to own most of the oil refineries in the United States. Over time, Rockefeller eventually controlled a 90% of the North American oil supply.

Read More
448 Words | 2 Pages

Rockefeller created a monopoly with the refinery businesses and Scott and Vanderbilt decided to pull out of business with Rockefeller to make him pay going rates. Instead of caving in Rockefeller builds pipelines to transport the oil, and he no longer needs

Read More
688 Words | 3 Pages

George Rice, a small businessman who was ousted by Rockefeller’s oil monopoly, stated, “I am but one of the many victims of Rockefeller’s colossal combination… the railroads were in league with the Standard Oil concern at every point, giving it discriminating rates and privileges… against myself…” (George Rice, “How I Was Ruined By Rockefeller”). The account by Rice underlined how his business failed to compete with the alliance of Rockefeller’s company and the railroads. Since the Standard Oil company had an absolute monopoly, it would work with the railroad companies to crush any competition, like that of Rice. With the rise of large industry and their monopolization, the economy of the US was largely controlled by the dominant companies.

Read More
119 Words | 1 Pages

Standard oil monopoly wasn 't beneficial to the people. The monopoly process would increase prices, and manipulate the communities to buy even if the price wasn 't fair. Monopoly prices will keep on increasing and eventually people will stop using their cars. People had no say if they became angry they would raise prices up and not be fair about the needs of people. Monopoly is the worst especially during the economy.

Read More
939 Words | 4 Pages

Thesis : After the Civil War, America was in a post-war boom. During the 1870-1890, big business moguls, such as Rockefeller and Carnegie, create huge corporations which not only affected the economy, but also affected the political realm of America. While many may assume that during the rise of these big business helped to change the economy and politics,  the real focus was on the responses formed by society, such as labor unions, increase public outcry, and political opposition groups that helped to change society. A: Economically, big business flourished during the late 1800s.

Read More
791 Words | 4 Pages

In particular, John D. Rockefeller, founder of the Standard Oil Company, was known for his ruthless grip on the oil industry through eliminating competition. He even made it a point to call competition “a sin” and [ANOTHER QUOTE], and followed suit with this philosophy by making deals with railroad companies for reduced prices in exchange for promised large shipments. The public outcry against Rockefeller’s practices became so widespread, [FINISH]. Separate from the ethical questions that prompted the U.S. government to break up Standard Oil into several companies, Rockefeller’s technique of acquiring smaller companies to aggressively grow his own company was “a move that pioneered modern American capitalism” according to History.com (2010). History will see Rockefeller as a complex man, known for his discipline, ruthlessness, and generosity, who created turmoil in the oil industry through his seemingly unrestrained practices in capitalism.

Read More
1371 Words | 6 Pages

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.

Read More
1082 Words | 5 Pages

Introduction : In this conceptual learning project, I will look at Ten concepts from the modules we have studied so far and see how it will be applied to a context related to my life, to social context, work place , my communities and the world around me. Ten Concepts: The ten concepts are taken from Module 1- Health, Interview, Nursing diagnosis, Module 3-Clinical thinking, Module 4- wellness, anxiety, Nutrition Assessment, Health promotion and Module 10- Stress and mental health 1. Health –It’s the state of being free from illness or injury.

Read More

More about Standard Oil Company Research Paper

Related Topics

Open Document