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 revolutionized the petroleum industry through his work with his business partner and fellow church member, Samuel Andrews. Rockefeller was focused on efficiency and was appalled by the waste that existed in the industry and the fluctuating price of the product.

Detailed explanation-3: -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-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.