The Modern History Of Oil

By 1882 The Standard Oil Company had become the most efficient corporation, producing the highest quality products as well as charging the lowest prices. Rockefeller was philanthropic in his endeavors, incorporating his acquired companies into the ever enlarging Standard Oil. The Standard Oil Company helped to strengthen the American economy, created jobs, and was one of the leaders in making the United States the industrial giant that it is today.

During the Gilded Age, the United States saw an increase in the power of big businesses, many of which monopolized their industries. This time period, although it appeared successful from the outside, was filled with governmental corruption. Manipulated by the robber barons of the Gilded Age, the United States government fell victim to their control. Contrary to this downfall, the nation celebrated much success in the numerous life-changing inventions attributed to this era. With the invention of the internal combustion engine, among others, there also came a major increase in the demand for oil. Entering the flourishing oil business in 1870, John D. Rockefeller created the Standard Oil Company, which later dominated the entire oil industry. Although he had years filled with success in the business, Rockefeller faced a disastrous court case that dissolved his company and years of his hard work. Despite this catastrophic event, Rockefeller found other ways to contribute his knowledge and hard-work by making innumerable philanthropic donations. After many years and countless efforts, John D. Rockefeller had one of the most outstanding and positive influences on the United States through his work in the oil industry and his philanthropic actions.

Believe it or not, oil has been a big deal in america.Ever since the colonization up to today. The early American Colonist used oil for lamp propellant and for oiling machines. On August 28 of the year 1859, the Pennsylvania Rock Oil company, before renaming to Seneca Oil Company, first struck oil in the colonies in Titusville, Pennsylvania. The owner of the Seneca Oil company was Colonel Edwin Drake. He called himself a colonel to impress. Edwin Drake was not a real colonel. “He was called “Crazy Drake” because he wasted more than 40,000 dollars from investor’s and his own in a research, that didn’t give results until a year or more after.” Edwin Drake made it possible for the use of a drilling rig on a well successfully. The Seneca Oil produced

Furthermore, Rockefeller revolutionized the petroleum industry through his career. He found a way to effectively use horizontal and vertical integration and made gasoline available to the public for very low prices. Through these business techniques Rockefeller not only brought in huge profits, but also managed to help society by giving them high quality gasoline at an inexpensive rate.

In the 1900s drove 15,000 oil companies when they first discovered oil in the spindletop texas.There were a lot of benefits of this discovery like higher pay for a lot of the workers, Better football teams and better growth in a lot of their universities. There were a lot of disadvantages to this discovery like in ector texas was 23 times the amount of the national average. Oil was the only way for the future with entrepreneurs showing up all over the U.S region.This discovery changed texas future for ever.

Oil was being used to grease the wheels of America's infant industries, to fuel the expansion of growth. Rockefeller lamented that so many wells were flowing that the price of oil kept falling yet everyone went right on drilling. He saw an industry plagued from overproduction and his own success was being threatened by ruinness cut throat competition. John D. was shrewd enough and he was analytical enough that he realized that in order to figure out a way to save his own firm and his own newly-won fortune, that he had to figure out a solution for the entire industry. It was at that point that John D. began to conceive of the oil industry as one big interrelated mechanism. And you couldn't just change one component, you had to control the entire machine.

1.2 million dollars. Now they were opening a second refinery and opened a third firm in New York to handle overseas sales. Although they had high income, the unstable ways of the industry worried Rockefeller. With new discoveries of oil sources, prices were dropping (Krasner). Producers, refiners, manufacturers, brokers, and shippers were all fighting to be on top. Within this chaos, Rockefeller had a brilliant plan. His plan would bring the organization and efficiency that he believed the oil industry needed to survive (Frost). In 1866, he formed the Standard Oil Company.

Rockefeller, he was the leading producer of oil. Growing up, Rockefeller was poor, so he quit school and got a job. When Rockefeller was older he became wealthy. He was the Captain of Industry for oil, and because he had rivals in the railroad business that wouldn't let him use railroads to ship to Pennsylvania, he created what we now call the pipeline. Rockefeller was determined, and the way he made this pipeline was he got lots of pipe and connected the pipes together and put it underground that way Scott and Vanderbilt couldn't touch it. Rockefeller purified the oil and made kerosene which revolutionized the way we worked, because people could use kerosene in lamps and now they could work early mornings and late

Rockefeller. Rockefeller is known for being the co-founder of the Standard Oil Company, which dominated all of the oil industry and was labeled as the first great United States business trust. He started by creating an oil refinery and through horizontal integration he bought out his competition. By the 1870’s he started using the vertical integration method and bought the materials used to make the pipes for the use of the oil. The Company grew so much that he set up Headquarters all over the United States to control it. By 1882 a monopoly took over the oil businesses in search of dominance and power over the oil industry. Standard Oil replaced the kerosene distribution with its own vertical system by using tanks cars and wagons; thus improving the quality and availability of the kerosene product and also reducing its price for the public. Standard Oil’s method of beating their competition was by underselling the oil and secret transportation

Standard Oil was the United States’ first monopoly, and it was a rollercoaster of a ride for the company. Standard Oil started from the ground up and grew into a massive enterprise, that would eventually make John D. Rockefeller the richest man in the world. This would come at a price, the demise of Standard Oil, but multiple companies are born out of the demise of Standard Oil that become some of the largest oil companies today. Standard Oil even caused the United States of America to create a federal act to try and control monopolies from eliminating competition in unethical ways, and from becoming so powerful that they can control not just their markets, but other markets too, and from having the ability to change the price on consumers

John Davison Rockefeller was the founder of Standard Oil Company in 1870 and ran it until he retired in 1897. Standard Oil gained almost complete control over the oil refining market in the United States by underselling its competitors. Rockefeller and his associates owned dozens of corporations operating in just one state.

John D. Rockefeller also started at humble beginnings. By taking risks and investing he found himself engulfed in the rapidly expanding oil industry. Not yet in the business directly he started his own company, The Standard Oil Company of Cleveland. Rockefeller's stake in the oil industry increased as the industry itself expanded caused by the rapidly spreading use of kerosene. The Standard Oil eventually, in a few years, purchased and controlled almost all the refining firms in Cleveland, plus two refineries

The Standard Oil Trust of Ohio was and American oil producing, refining, and transporting company. It was founded in 1863 by John D. Rockefeller and lasted until 1911. During 1868, Rockefeller expanded the oil company to become the largest oil refining company in the world. In 1870, the company was renamed Standard Oil Company. After it was renamed, Rockefeller purchased most of the oil companies that were currently in business to make one large company.

In 1859, two people: Edwin Drake and E. B. Bowditch who worked for the Seneca Oil company drilled the very first oil well that was located in Pennsylvannia. “The well produced about 500 gallons of oil a day and over time has increased” (American Coalition for Ethanol 2013). Wells that were similar to the one originally made all over the west side of Pennsylvania distributed oil and crude kerosene to different companies for various reasons. Lee R. Raymond said “The lighter boiling component, gasoline, was discarded, since it had no market. There are historical reports that waste gasoline, which had been dumped into rivers, sometimes caught fire. In 1892 the first gasoline-powered engines, for both car and tractor, were developed: This soon provided a market for the once useless substance, gasoline” (American Coalition for Ethanol 2013). Gas was a lot cheaper in the 20th century, compared to now, the 21st century. Locations, places, prominent ways of transportation and how cars weren’t really needed and are part of the reason why gas was cheaper in the 20th century.

The modern refinery, the petroleum distillation, appeared in 1862 when Benjamin Jr.’s research showed that 50% of the new Pennsylvania Rock Oil can be distillates into first-rate burning oil, kerosene and paraffin oil and, and the other 40% can be used for another purpose, such as lubrication. In the nineteenth century, the United States and Russia were the countries that produced oil which led to many developments in oil extraction. In the twentieth century, different regions in the world started to produce oil productions, such as Indonesia, Mexico and Middle Eastern countries. Since then, the oil industry has grown by more technological research and developments in improving their processes and reducing the energy used (Speight, 2011).