Rockefeller Standard Oil Company Essay

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Rockefeller’s Standard Oil Company had first a little name but then once they got the Stanard Oil Company they became one of the biggest companies ever. This had all started in 1862 when John D. Rockefeller a normal citizen that had lived in Cleveland Ohio established an oil-refiing company with two different individuals. They had first purchased oil wells in Titusville, Pennsylvania and also made a well near Cleveland. One of the partners had slowly left this partnership because his interests decreased, and the two renamed the companing and creating Rockefeller & Andrews Oil Company. In this year they had earned around 200,000 dollars. Even though they were barely just gettins started this businesses started to increase by a lot. During …show more content…

Payne, which was the owner of the largest oil refinery in Cleveland. They had said that all of these people should join together and work together instead of separately. With these business owners joining together they could help fix the prices of the oil and prevent the tremendous swings as the times went on. Overtime this company joined/created multiple different companies and then as time went on they either brought out the companies or drove them out of businesses bu selling their oil for a much cheaper price. In 1870, Rockefeller joined all of these companies together and created the company now known as Standard Oil Company. Rockefeller’s Standard Oil Company was one of the first even companies to be involved in monopolie. They wanted to buy out other businesses so that their own could grow, and in the end they actually succeed and met their goal. Soon by the end they were one of the largest companies to ever exist because of their roles in monopolies. In a source it had stated, “Rockefeller planned to buy out as many other oil refineries as he could. To do this, he often used hardball tactics. In 1877, Standard started acquiring new oil pipeline networks. This enabled the company to cut off the flow of crude oil to refineries …show more content…

But in achieving the position, Standard violated its Ohio charter, which prohibited the company from doing business outside the state. Rockefeller and his associates decided to move Standard Oil from Cleveland to New York City and to form a new type of business organization called a “trust.” Rockefeller ended up buying over the Standard Oil Company and making it a really big company of his own. Just because they ended up having this very strong company, doesn’t mean they didin’t get into problems at time. To continue Standard Oil was very big even before they even got Rockefeller’s name but then soon had a lawsuit filed against them. In a article it states, “Standard Oil broke up in 1911 of a lawsuit brought against ti by the U.S. government in 1906 under the Sherman Antitrust Act of 1890. The Standard Oil Company and affiliated companies that were engaged in the production, refining, and marketing of oil were combined in the Standard Oil Trust in 1882.” With of all these different laws and rules forming there were new restrictions that started to apply and causing the fall of the Standard Oil company. The impact that this issue had on the company was that it caused them to grow

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