GK
INVENTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How did technological innovations lead to the development of the Standard Oil Trust?
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technology increased the demand of oil, which the company produced
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technology allowed the company to advertise in new places
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technology allowed machines to replace human workers, which helped the company make more money
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None of the above
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Explanation:
Detailed explanation-1: -Standard Oil gained a monopoly in the oil industry by buying rival refineries and developing companies for distributing and marketing its products around the globe. In 1882, these various companies were combined into the Standard Oil Trust, which would control some 90 percent of the nation’s refineries and pipelines.
Detailed explanation-2: -Digital technologies have proved their potential in the oil and gas sector. Leading players have used digitization to cut costs, boost output and improve efficiency across the end-to-end value chain. Now companies want to take the next step, embedding technology-enabled operations into every part of their business.
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