USA HISTORY

Detailed explanation-1: -By 1878, Standard controlled more than 90% of total U.S. refining capacity. To formalize this economic empire, Rockefeller and associates created the Standard Oil Trust Agreement in 1882, later reorganized as the Standard Oil Company (New Jersey) as a legal holding company under New Jersey law in 1899.

Detailed explanation-2: -In 1882, Standard Oil Trust created a network of Standard Oil companies throughout the country, led by a board of trustees, where Rockefeller owned over one third of the certificates. By the late 1880s, Standard Oil controlled 90% of American refineries.

Detailed explanation-3: -In the year 1904, Standard Oil controlled 91% of oil refinement and 85% of final sales in the United States. At this time, state and federal laws sought to counter this development with antitrust laws.

Detailed explanation-4: -Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. He rose from modest beginnings to become the founder of Standard Oil in 1870 and ruthlessly set about destroying his competitors to create a monopoly of the oil industry.

Detailed explanation-5: -John D. Rockefeller, who began his career in refining, became the industry’s first “baron” in 1865 when he formed Standard Oil Company. By 1879, Standard Oil controlled not only 90% of America’s refining capacity, but also its pipelines and gathering systems.