Standard Oil (in full, Standard Oil Company and Trust) was an American company and corporate trust that from 1870 to 1911 was the industrial empire of John D. Rockefeller and associates, controlling almost all oil production, processing, marketing, and transportation in the United States.

What company did Rockefeller form in 1870 what product did they produce?

Standard Oil (in full, Standard Oil Company and Trust) was an American company and corporate trust that from 1870 to 1911 was the industrial empire of John D. Rockefeller and associates, controlling almost all oil production, processing, marketing, and transportation in the United States.

What was Rockefeller’s first company?

Standard Oil
Born into modest circumstances in upstate New York, he entered the then-fledgling oil business in 1863 by investing in a Cleveland, Ohio refinery. In 1870, he established Standard Oil, which by the early 1880s controlled some 90 percent of U.S. refineries and pipelines.

What did Rockefeller do in 1870?

Rockefeller founded the Standard Oil Company in 1870. He ran it until 1897, and remained its largest shareholder. Rockefeller’s wealth soared as kerosene and gasoline grew in importance, and he became the richest person in the country, controlling 90% of all oil in the United States at his peak.

What companies were formed from Standard Oil?

In 1911, following the Supreme Court ruling, Standard Oil was broken into seven successor companies; Standard Oil of New Jersey, Standard Oil of New York, Standard Oil of California, Standard Oil of Indiana, Standard Oil of Kentucky, The Standard Oil Company (Ohio), and The Ohio Oil Company.

What was Rockefeller known for?

Rockefeller, Sr., was an American industrialist and philanthropist and founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust.

How did John Rockefeller Change the oil industry?

Rockefeller gained much of his wealth by controlling oil refineries across the country. At Rockefeller’s refineries, crude oil would be turned into kerosene and then sold to the American public at affordable prices. Kerosene lighting greatly transformed homes and businesses across the country.

What was John D. Rockefeller worth when he died?

At the time of his death in 1937, John D. Rockefeller was worth an estimated $1.4 billion. Rockefeller was the first man in history to ever accumulate more than $1 billion (nominal dollars) in total wealth. Rockefeller’s $1.4 billion net worth in 1937 was 1/65th of the total GDP of the United States.

How did Rockefeller build his business?

Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. By 1882 he had a near-monopoly of the oil business in the United States, but his business practices led to the passing of antitrust laws.

Why did Rockefeller create Standard Oil?

Rockefeller testified that Standard Oil achieved its position because its combination of cooperating companies was more efficient and produced a better product than its rivals.

What were the 34 companies that Standard Oil was broken into?

Standard Oil

Type Cleveland, Ohio Corporation (1872) Business trust (1882–1892) New Jersey Holding Company (1899–1911)
Defunct After its dissolution in 1911, the original Standard Oil Co. split into Sohio (now part of BP); ESSO (now Exxon); and SOcal (now Chevron)
Successor 34 successor entities

How did Rockefeller impact America?

John D. Rockefeller founded the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Later in life he turned his attention to charity. He made possible the founding of the University of Chicago and endowed major philanthropic institutions.

What was Rockefeller’s legacy?

John D. Rockefeller’s commitment to philanthropic giving created a lasting legacy. Rockefeller gave away more than $540 million in his lifetime, including funding toward medical research, addressing poverty in the South, and educational efforts for African Americans.

Is Standard Oil related to the Rockefeller companies?

Standard Oil of Connecticut is a fuel oil marketer not related to the Rockefeller companies. Standard Oil of Iowa – pre-1911 – bought out by Chevron. Standard Oil of Minnesota – pre-1911 – bought out by Amoco.

How did John D Rockefeller start his business?

He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. Rockefeller founded the Standard Oil Company in 1870. He ran it until 1897, and remained its largest shareholder.

What happened to Rockefeller after he left Standard Oil?

Rockefeller retired from day-to-day business operations of Standard Oil in the mid-1890s.

How did Rockefeller become the richest person in the US?

Rockefeller founded the Standard Oil Company in 1870. He ran it until 1897, and remained its largest shareholder. Rockefeller’s wealth soared as kerosene and gasoline grew in importance, and he became the richest person in the country, controlling 90% of all oil in the United States at his peak.