USA HISTORY

Detailed explanation-1: -Rockefeller bargained with the railroad companies to give him a reduced rate in exchange for his exclusive business and large regular shipments. Based on loans he had accrued, Standard Oil became the largest refinery in Cleveland.

Detailed explanation-2: -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-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. He garnered both admirers and critics during his lifetime and after his death.

Detailed explanation-4: -Rockefeller built an oil monopoly by ruthlessly eliminating most of his competitors. This made him the richest man in the world. But he spent his retirement years giving away most of his money.

Detailed explanation-5: -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.