Standard Oil Monpoly Debate

471 Words2 Pages

I believe that the government should break up Standard Oil’s Monopoly for the following reasons; First because John D. Rockefeller's acts are corrupt, secondly because it led business to bankruptcy and lastly because it could be considered as illegal business. For these reasons I believe that the government should break up Standard Oil’s Monopoly. John D. Rockefeller along with his brother created the Standard Oil Company, and became one of the world’s wealthiest men. In 1870, he established Standard Oil. It controlled 90% of the Country's refineries. Rockefeller’s acts can be considered corrupt because they were unfair and unethical. He was lowering the price of oil products and collaborating with the railroads to get Monopoly in the oil …show more content…

The Standard Oil Company caused this by not being honest with their trustees and made them accept unfair offers. John D. Rockefeller stated to them, that anyone who refused his offer would be run into bankruptcy. He also stated that after running them into bankruptcy he would make sure to cheaply buy their estates at any auction held. We notice this when a competitor complains to the government by saying, “My refinery has been shut down during the past three years, owing up to the powerful and all-prevailing machinations of the Standard Oil Trust... I have had to consequently shut down, with my business absolutely ruined and my refinery idle." Lastly, the government should break up Standard Oil’s Monopoly because it is an illegal business. In the year of 1892 it was considered an illegal monopoly and was ordered for dissolution. It was illegal because he used secret rebates or payments to threaten the companies he considered competitors. He drove various business out of the market and forced them to shut down no matter what. We notice this when Rockefeller states, “I ascribe the success of the Standard Oil Company to its consistent policy of making the volume of its business large through the merit and cheapness of its

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