USA HISTORY

Detailed explanation-1: -In 1870, Rockefeller joined in the oil business, along with his brother William, Samuel Andrews, Henry M. Flagler, and Stephen V. Harkness. Their business, the Standard Oil Company of Ohio, focused on oil refining, which had less variable costs than oil exploration and drilling.

Detailed explanation-2: -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.

Detailed explanation-3: -A person that was well recognized during the era was a man named John D. Rockefeller. Rockefeller was the founder of Standard Oil, and was also the first U.S billionaire. He monopolized the petroleum industry by gaining control of every other little oil companies.

Detailed explanation-4: -Rockefeller retired from business in 1896 and devoted his life to philanthropy. He donated hundreds of millions of dollars to charity during his lifetime and, along with his son, John Jr., set up the Rockefeller Foundation to continue that work after his death, which it still does.