Standard Oil : The Leading Supplier Of Oil Essay

1999 Words Apr 6th, 2016 8 Pages
Standard Oil was the leading supplier of oil to the United States in the 1880’s. The Company was run by John D. Rockefeller. Rockefeller became one of the richest and most powerful men in America. Rockefeller tried to get Standard Oil to be the only supplier of oil in North America. Rockefeller believed that he could operate his company around the regulations set by the United States Government, and that he could get away with it. “President Roosevelt said confidently that no man, no matter how powerful was above the law (“The Trust Buster”). President Roosevelt shutdown Rockefeller and his corrupt business practices. Standard Oil created the the first trust in the United States. The company was very competitive and aimed to be the only supplier of oil to the United States. Standard achieved their success by being ruthless and intelligent. The actions that the company took ultimately got them in trouble with the United States Government. Because of the shady business practices of Standard Oil in the 1880’s, American business was forever changed.
Standard Oil was most widely known for its monopolistic business practices in the late 1800’s. The company controlled ninety percent of the United States petroleum industry (Athean 826). Standard Oil took certain steps to further its monopolistic practices by becoming a trust. John Archbold and John D. Rockefeller established the Standard trust that granted the monopoly to expand into other areas. The trust enclosed forty other…

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