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How Rockefeller Founded the Standard Oil Company

For many people, it’s not a secret that John Rockefeller was the main force when it comes to the foundation and development of the Standard Oil Company. It succeeded to grow to dominating in the oil industry and becoming one of the biggest trusts in the US. This is what resulted in a lot of controversy about business practices and methods. Keep in mind that Rockefeller was one of the first big philanthropists in America because he managed to establish some important foundations. It’s worth mentioning that he donated a lot of money for different charitable purposes.

John was born in New York in 1839, but his family had to live in quite modest circumstances. He started to work as a clerk in some small produce company when he was only 16 years old. Later, Rockefeller formed a partnership in a local grain commission house in Cleveland, and it was a perfect place to organize something huge and important in the oil industry. The main reason is that there were 2 major railroads, and this region was on Lake Erie that was big enough for all ships to harbor. This is what made it possible to transport oil with ease.

It’s no wonder John Rockefeller decided to make this place the main center of oil businesses. However, before he managed to achieve this goal, he created the biggest oil company in the world. He had to start with a small amount of money that helped him buy a small oil refinery. Then he bought others in addition to oil wells. As a result of his efforts, Rockefellers forced other oilmen to go out of this kind of business.

Railroads carried the oil that he needed the most, and there are many proofs that John was quite a successful and intelligent businessman. He arranged that 2 major railroads that passed through Cleveland would complete for his business. This complicated goal was achieved by threatening and bargaining, but these risky methods worked well. John forced railroads to charge lower prices and he also pretended to pay regular rates.

In addition, when Rockefeller perfected his business tactics, he went to small refineries in other places and asked them to sell them to him. He offered a low price, but their owners agree because of his mass power. They understood that John could push them out of their business fast and easily. He also invented his own pipeline and developed the greatest business in the oil industry. This is what made him famous and widely recognized as one of the richest people in the world.

For many people, it’s not a secret that John Rockefeller was the main force when it comes to the foundation and development of the Standard Oil Company. It succeeded to grow to dominating in the oil industry and becoming one of the biggest trusts in the US. This is what resulted in a lot of controversy about business practices and methods.

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Assignment ID
100000533
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CREATED ON
July 11, 2016
COMPLETED ON
July 12, 2016
Price
$33
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