USA HISTORY

Detailed explanation-1: -In June 1870, John D. Rockefeller amalgamated a number of his companies to create what would become one of the world’s most powerful and influential organizations in Standard Oil. Standard Oil was a petroleum producing, refining, and transporting corporation based out of Cleveland, OH.

Detailed explanation-2: -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-3: -To implement his trust, Rockefeller and his associates persuaded the stockholders of forty companies to exchange their stock for trust certificates. Within three years, the Standard Oil Trust had consolidated crude‑oil buying throughout its member firms and slashed the number of refineries by half.

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.