The Big Bad Octopus of the Industrial Revolution
Standard Oil Company's Reign
Standard Oil Company, an American-producing oil company, did not play fair during the Industrial Revolution. Founded by John D. Rockefeller in 1870 in Ohio, Standard Oil dominated the oil industry and ruined other oil companies. The company's competitors, like South Improvement Company, suffered many losses because of Standard Oil. Members of South Improvement Company were hanged, and their oil tanks were burned to the ground. Not able to compete, it closed down. Rockefeller ran Standard Oil very aggressively until he retired in 1897. By the 1880s, Standard Oil company controlled 90% of the oil refineries and pipelines in the United States. The company would grow to become one of the biggest companies and worth billions of dollars. In 1911, the Supreme Court of the United States found that Standard Oil had violated anti-trust laws, and ordered that the company dissolve. Rockefeller had already built and empire and gave away a lot of money to charity.
Standard Oil Company, an American-producing oil company, did not play fair during the Industrial Revolution. Founded by John D. Rockefeller in 1870 in Ohio, Standard Oil dominated the oil industry and ruined other oil companies. The company's competitors, like South Improvement Company, suffered many losses because of Standard Oil. Members of South Improvement Company were hanged, and their oil tanks were burned to the ground. Not able to compete, it closed down. Rockefeller ran Standard Oil very aggressively until he retired in 1897. By the 1880s, Standard Oil company controlled 90% of the oil refineries and pipelines in the United States. The company would grow to become one of the biggest companies and worth billions of dollars. In 1911, the Supreme Court of the United States found that Standard Oil had violated anti-trust laws, and ordered that the company dissolve. Rockefeller had already built and empire and gave away a lot of money to charity.