USA HISTORY

Detailed explanation-1: -In the end, Rockefeller made a deal with the other company, which gave Standard Oil ownership of nearly all the oil pipelines in the nation. By 1880, Standard Oil owned or controlled 90 percent of the U.S. oil refining business, making it the first great industrial monopoly in the world.

Detailed explanation-2: -John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist. He has been widely considered the wealthiest American of all time and the richest person in modern history.

Detailed explanation-3: -Rockefeller’s Standard Oil Company became the most dominant oil refinery in the country, eventually enabling him to bring in thousands of dollars a day. His navigation of the industry and adoption of monopolistic business practices led him to be the first on the list of billionaires.

Detailed explanation-4: -John Davison Rockefeller, industrialist, philanthropist, and founder of Standard Oil Company, became the world’s first billionaire on this day in 1916. He founded Standard Oil in 1870, and bought up most of the oil refineries in the US, eventually controlling about 90% of the US oil production.