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1. fee.org › articles › john-d-rockefeller-and-the-oilJohn D. Rockefeller and the Oil Industry

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   Two things about the oil industry, however, bothered Rockefeller right from the start: the appalling waste and the fluctuating prices. The overproducing of oil and the developing of new markets caused the price of oil to fluctuate wildly. In 1862, a barrel (42 gallons) of oil dropped in value from $4.00 to 35 cents.

2. www.britannica.com › money › Standard-OilStandard Oil | History, Monopoly, & Breakup | Britannica Money

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   Oct 10, 2024 · The company’s origins date to 1863, when Rockefeller joined Maurice B. Clark and Samuel Andrews in a Cleveland, Ohio, oil-refining business. In 1865 Rockefeller bought out Clark, and two years later he invited Henry M. Flaglerto join as a partner in the venture. By 1870 the firm of Rockefeller, Andrews, and Flagler was operating the largest ...

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4. guides.loc.gov › january › standard-oil-establishedStandard Oil Established - This Month in Business History ...

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   Sep 13, 2024 · John D. Rockefeller formed the Standard Oil Company on January 10, 1870 with his business partners and brother. The success of this business empire made Rockefeller one of the world’s first billionaires and a celebrated philanthropist. He garnered both admirers and critics during his lifetime and after his death.

5. www.enotes.com › topics › industrialization-captainsHow did Rockefeller gain control of the oil industry?

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   Share Cite. The main way in which John D. Rockefeller tried to take control of the oil industry was through driving down costs in his own company. He would then use his lower costs to drive his ...

6. ari.aynrand.org › issues › government-and-businessVindicating Capitalism: The Real History of the Standard Oil ...

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   The overseas market for kerosene was larger than the American market and presented a great opportunity to Rockefeller since nearly all the world’s known oil at the time was American. Recognizing the importance of having a steady stream of foreign demand, Rockefeller had his brother head the New York operation to keep tabs on the various markets and maximize sales.

7. fee.org › articles › the-rise-and-fall-of-rockefellerThe Rise and Fall of Rockefeller - Foundation for Economic ...

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   Dec 3, 2016 · The Rise and Fall of Rockefeller. The story of John D. Rockefeller and the Standard Oil trust is one of the most controversial in business history. A little over a century ago, the United States found themselves in the grip of a vicious monopoly that not only controlled the petroleum market and held its consumers hostage, but also endangered ...

8. People also ask

   Why did Rockefeller join the oil industry?

   • In 1870, Rockefeller joined in the oil business, along with his brother William, Samuel Andrews, Henry M. Flagler, and Stephen V. Harkness. Their business, the Standard Oil Company of Ohio, focused on oil refining, which had less variable costs than oil exploration and drilling.

   Standard Oil Established - This Month in Business History - Research

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   Why did Rockefeller choose Standard Oil?

   • In America, competition in the oil industry was more intense than ever. Over 100 oil companies—from Gulf Oil in Texas to Associated Oil in California—competed with Standard. Standard’s share of the United States and world markets had been steadily declining from 1900 to 1910. Rockefeller, however, took the decision calmly and promised to obey it.

   John D. Rockefeller and the Oil Industry - Foundation for Economic

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   How did Rockefeller influence the price of oil?

   • [Rockefeller] effected secret arrangements with the Pennsylvania, the New York Central, the Erie, and the Atlantic and Great Western. . . . After the Standard had used the rebate to crush out the other refiners, who were its competitors in the purchase of petroleum at the wells, it became the only buyer, and dictated the price.

   Vindicating Capitalism: The Real History of the Standard Oil Company

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   Why did Rockefeller destroy the oil industry?

   • Traditional accounts of Rockefeller’s ascent, which began in 1863, portray the pre-Rockefeller market as a competitive paradise of myriad “independent refiners” — a paradise that Rockefeller destroyed when he drove his competitors out of business and wrested full “control” of the oil refining business for himself.

   Vindicating Capitalism: The Real History of the Standard Oil Company

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   Why did Rockefeller make kerosene?

   • These ranged from paint and varnish to dozens of lubricating oils to anesthetics. As for the main product, kerosene, Rockefeller made it so cheaply that whale oil, coal oil, and, for a while, electricity lost out in the race to light American homes, factories, and streets. “We had vision,” Rockefeller later said.

   John D. Rockefeller and the Oil Industry - Foundation for Economic

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   How did Rockefeller solve the oil crisis?

   • Some experts predicted the imminent death of the American oil industry; even Standard Oil’s loyal officers began selling some of their stock. Rockefeller’s solution to these problems was to stake the future of his company on new oil discoveries near Lima, Ohio. Drillers found oil in this Ohio-Indiana region in 1885, but they could not market it.

   John D. Rockefeller and the Oil Industry - Foundation for Economic

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9. www.youtube.com › watchHow Rockefeller Dominated the Oil Market - YouTube

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   Discover the fascinating story of how John D. Rockefeller dominated the oil market in the late 19th and early 20th century. Learn about his business strategi...