USA HISTORY

Detailed explanation-1: -They planned to control freight rates and oil prices by cooperating with one another. The deal collapsed when the railroads backed out. But before this happened, Rockefeller used the threat of this deal to intimidate more than 20 Cleveland refiners to sell out to Standard Oil at bargain prices.

Detailed explanation-2: -Standard Oil Company, also called Sohio, in effect, ceased to exist after being purchased by British Petroleum (BP) in 1987, although BP continued to sell gasoline under the Sohio brand name until 1991.

Detailed explanation-3: -John D. Rockefeller formed the Standard Oil Company on January 10, 1870 with his business partners and brother. The success of this business empire made Rockefeller one of the world’s first billionaires and a celebrated philanthropist.

Detailed explanation-4: -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.