USA HISTORY

Detailed explanation-1: -John D. Rockefeller formed the Standard Oil Company on January 10, 1870 with his business partners and brother. The success of this business empire made Rockefeller one of the world’s first billionaires and a celebrated philanthropist. He garnered both admirers and critics during his lifetime and after his death.

Detailed explanation-2: -In 1870, he established Standard Oil, which by the early 1880s controlled some 90 percent of U.S. refineries and pipelines. Critics accused Rockefeller of engaging in unethical practices, such as predatory pricing and colluding with railroads to eliminate his competitors in order to gain a monopoly in the industry.

Detailed explanation-3: -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-4: -Oil Refining 1865-1870 In February 1865, at the age of 24, Rockefeller bought out the Clark brothers (Maurice Clark had brought his brothers into the refining business) for $72, 500 and gained complete control of the business.

Detailed explanation-5: -Standard Oil Company, Inc. The company was founded in 1863 by Rockefeller and Henry Flagler, and was incorporated in 1870.