USA HISTORY

Detailed explanation-1: -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. But in achieving this position, Standard violated its Ohio charter, which prohibited the company from doing business outside the state.

Detailed explanation-2: -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-3: -Standard Oil (in full, Standard Oil Company and Trust) was an American company and corporate trust that from 1870 to 1911 was the industrial empire of John D. Rockefeller and associates, controlling almost all oil production, processing, marketing, and transportation in the United States.

Detailed explanation-4: -At its height, Standard Oil was the largest petroleum company in the world, and its success made its co-founder and chairman, John D. Rockefeller, among the wealthiest Americans of all time and among the richest people in modern history.

Detailed explanation-5: -John D. Rockefeller, who began his career in refining, became the industry’s first “baron” in 1865 when he formed Standard Oil Company. By 1879, Standard Oil controlled not only 90% of America’s refining capacity, but also its pipelines and gathering systems.