USA HISTORY

Detailed explanation-1: -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. He made possible the founding of the University of Chicago and endowed major philanthropic institutions.

Detailed explanation-2: -Rockefeller was a brilliant entrepreneur. He also did not hesitate to crush competitors, slashing prices to drive rivals out of business. 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, who founded Standard Oil in 1870, are exiting the family business. The Rockefeller Family Fund, a charity that supports causes related to the environment, economic justice and other issues, is liquidating its investments in fossil fuel companies, including Exxon Mobil (XOM).

Detailed explanation-4: -By 1870 the firm of Rockefeller, Andrews, and Flagler was operating the largest refineries in Cleveland, and these and related facilities became the property of the new Standard Oil Company, incorporated in Ohio in 1870.