The Rush for Oil – Several Attempts to Control the Oil Wealth (1)

Standard Oil Co. Inc. was an American oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world. Its controversial history as one of the world's first and largest multinational corporations ended in 1911, when the United States Supreme Court ruled that Standard was an illegal monopoly.

Standard Oil dominated the oil products market initially through horizontal integration in the refining sector, then, in later years vertical integration; the company was an innovator in the development of the business trust. The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. "Trust-busting" critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened consumers.

John D. Rockefeller was a founder, chairman and major shareholder. With the dissolution of the Standard Oil trust into 33 smaller companies, Rockefeller became the richest man in the world. Other notable Standard Oil principals include Henry Flagler, developer of Florida's Florida East Coast Railway and resort cities, and Henry H. Rogers, who built the Virginian Railway.

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John D. Rockefeller, 1872, shortly after founding Standard Oil



For me sha, if the USA and Russia contributed about 95 per cent of world supply by then, it means that any company that is dominant in USA was also dominant in the world.