John D. Rockefeller: The American Oil Industry

“I believe that every right implies a responsibility; every opportunity: an obligation, every possession, a duty” said John D Rockefeller. Rockefeller was born July, 8, 1839 in Richford,New York . He was in the american oil industry business magnate and philanthropist. The man who created standard oil company which created the biggest monopolie known to mankind. John Rockefeller borrowed money to buy out his partners and some refineries , When you think of robber barons, you think of John D Rockefeller because of his wealth, the success of his company, and the way he suppressed all his competition. John D. Rockefeller was one of the wealthiest men to live on earth his family name net worth is worth is estimated around 336 billion dollars.In

Standard oil was very successful, the money coming in was growing rapidly eventually being one of the most successful known to mankind. Standard oil was not an ordinary simple company that no one knew about, this company was very famous. The name of the company stood out , just like Mcdonald's stands out as well as many other companies. If you owned a vehicle in the United States Of America the vehicle need oil to run , Standard oil was the only oil company around so all americans who used a vehicle knew the name Standard oil. There was no other option if you did not like the oil because it was the only oil people can buy. When cars started to come out oil was being used a lot, John D Rockefeller had so much success and so did his company money just started

In the United States Of America there was about 250 Competitors around. Standard oil was dropping the prices of their oil so that the other oil companies ran out of business or sold out to Standard oil. He bought up all the steel to make oil barrels that the other companies could not sell to the customers. By 1873 John D Rockefeller bought up to 80 percent of the refineries Standard Oil quickly took advantage of the situation to absorb refineries in the Pennsylvania oil region, Pittsburgh, Philadelphia and New York. By 1878 Rockefeller had attained control of nearly 90 percent of the oil refined in the U.S., and shortly thereafter he had gained control of most of the oil marketing facilities in the U.S. By doing all of this he suppressed all his competitors by doing what was necessary to make the other competitors to run low on money and them not being able to compete with him.