USA HISTORY

Detailed explanation-1: -Standard Oil of New Jersey, the entity controlling Standard Oil at the time of the breakup, has since continued on and today is known as ExxonMobil, the largest investor-owned oil company in the world.

Detailed explanation-2: -Rockefeller built an oil monopoly by ruthlessly eliminating most of his competitors. This made him the richest man in the world.

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: -In 1911, following the Supreme Court ruling, Standard Oil was broken into seven successor companies; Standard Oil of New Jersey, Standard Oil of New York, Standard Oil of California, Standard Oil of Indiana, Standard Oil of Kentucky, The Standard Oil Company (Ohio), and The Ohio Oil Company.

Detailed explanation-5: -While other refineries would keep the 60% of oil product that became kerosene, but dump the other 40% in rivers and massive sludge piles, Rockefeller used the gasoline to fuel the refinery, and sold the rest as lubricating oil, petroleum jelly and paraffin wax, and other by-products.