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 (1839-1937), founder of the Standard Oil Company, became one of the world’s wealthiest men and a major philanthropist. Born into modest circumstances in upstate New York, he entered the then-fledgling oil business in 1863 by investing in a Cleveland, Ohio refinery.

Detailed explanation-4: -He became an assistant bookkeeper at age 16 and went into several business partnerships beginning at age 20, concentrating his business on oil refining. Rockefeller founded the Standard Oil Company in 1870. He ran it until 1897 and remained its largest shareholder. Richford, New York, U.S.

Detailed explanation-5: -John D. Rockefeller created the Standard Oil Company, the success of which made him the world’s first billionaire and a celebrated philanthropist. He garnered both admirers and critics during his lifetime and after his death.