WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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create a monopoly
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create a more competitive markets
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against the trust
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make railroad companies against each other so that he could benefit from a cheaper shipping fee
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Detailed explanation-1: -Standard Oil gained a monopoly in the oil industry by buying rival refineries and developing companies for distributing and marketing its products around the globe. In 1882, these various companies were combined into the Standard Oil Trust, which would control some 90 percent of the nation’s refineries and pipelines.
Detailed explanation-2: -Rockefeller ruthlessly forced his competitors to “sell or perish.” She correctly identified railroad discounts, specifically outlawed by the Interstate Commerce Act of 1887, as key to creating Rockefeller’s Standard Oil monopoly.
Detailed explanation-3: -Rockefeller knew that the other refineries could not produce shipments as large as his, protecting his investment with the railroad companies. This arrangement with the railroad quickly gave Standard Oil an advantage over its competitors.
Detailed explanation-4: -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.