USA HISTORY

Detailed explanation-1: -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-2: -In 1882, Rockefeller ended competition in the oil industry by forming the Standard Oil Trust, where Rockefeller gained control of over 90% of the oil refining in the country!

Detailed explanation-3: -Rockefeller exploited every possible technical advance and employed fair means and foul to persuade competitors either to sell out or to join forces. By 1879 he controlled 90 percent of the nation’s oil refining capacity along with a network of oil pipelines and large reserves of petroleum in the ground.

Detailed explanation-4: -During the 1870s, the price of kerosene dropped from 26 to eight cents a gallon, and Rockefeller captured about 90 percent of the American market.