WORLD 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.

Detailed explanation-2: -The oil industry in the late 1800s often experienced sudden booms and busts, which led to wildly fluctuating prices and price wars among the refiners. More than anything else, Rockefeller wanted to control the unpredictable oil market to make his profits more dependable.

Detailed explanation-3: -Standard Oil Company and Trust does not still exist. It was dissolved in 1911. However, some companies that were part of the trust persisted and, over time, merged with others and became part of such well-known companies as Exxon Mobil Corporation, BP PLC, and Chevron Corporation.

Detailed explanation-4: -John D. Rockefeller-CEO-Standard Oil Company | LinkedIn.

Detailed explanation-5: -Ida M. Tarbell’s The History of the Standard Oil Company was first serialized in McClure’s Magazine starting in 1902 and then published as a best-selling book in 1904. Tarbell grew up around the Pennsylvania oil industry, where her father suffered from, and protested, John D. Rockefeller’s business practices.

Detailed explanation-6: -Billionaire John D. Rockefeller (July 8, 1839 to May 23, 1937) continues to rank as one of the richest men in modern times. He rose from modest beginnings to become the founder of Standard Oil in 1870 and ruthlessly set about destroying his competitors to create a monopoly of the oil industry.