The Monopoly Of Oil In The 1800's

Did the industry of Oil in the 1800's really benefit America today and should the government break up Standard Oil’s monopoly? In the late 1800's is when American Industry finally began. Factories and manufacturing businesses were just starting out. It was a time of new creations. Oil was used for different purposes. In the mid to late 1800's, oil was used for lamps, but as the years evolved, a man by the name John D. Rockefeller, had saved his money long enough to start his own oil business. But as the company became popular, it also became a trust, where less competition couldn't bypass the prices or substitute the popular product of oil.

A monopolistic market is a product company that has raised price levels high, and only comes from one business. Therefore the consumer is forced to only purchase the product from that business. It may be unfair for a company not to have fair game or competition for the products that it produces. John D. Rockefeller from the Standard Oil company had raised the prices for oil too high. The standard oil's monopoly effected other American businesses both in productivity and financially. Rockefeller

This leads to consumers looking for cheaper substitutes for the product from other companies. Not only that, but with no competition, the value may go down if the prices are too high or too low. The consumer may not have the resources to purchase any other brand of the same product, but is forced to only purchase from the first company it came from. When the prices of oil go sky high, those who live in poverty may have to use every dime, nickle and penny that they have just so they can have the oil they need. It gives those who are struggling more pressure and tribulation. Not only that, but Standard Oil competitors began to complain to the government about how their business shuts down with no