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Jersey Standard operated a near monopoly in the American oil industry from 1899 until 1911 and was the largest corporation in the United States. In 1911, the landmark Supreme Court case Standard Oil Co. of New Jersey v. United States found Jersey Standard guilty of anticompetitive practices and ordered it to break up its holdings.
Over the course of the 1870s, the Standard Oil Company of Ohio acquired a monopoly on oil refining in the United States. [2] The Cleveland-based company was already among the largest refiners in the United States at the start of the decade, but it controlled only about four percent of the market. [2]
As such, The History of Standard Oil Company harbors great significance as a standard-bearer of modern investigative journalism. [3] In 1999 a jury under the aegis of the New York University's journalism department selected The History of the Standard Oil Company as the fifth best work of journalism in the United States in the 20th Century. [7]
For 1923, the oil giant recorded sales of $20.3 million on 14.4 million barrels of crude oil (and a small amount of refined product), with a whopping $6.1 million in net income -- both ...
Standard Oil (Refinery No. 1 in Cleveland, Ohio, pictured) was a major company broken up under United States antitrust laws.. The history of United States antitrust law is generally taken to begin with the Sherman Antitrust Act 1890, although some form of policy to regulate competition in the market economy has existed throughout the common law's history.
Chart detailing the history of some of the largest Standard Oil descendants; bold denotes extant corporations Following the 1911 Supreme Court ruling that found Standard Oil was an illegal monopoly, the company was broken up into 39 different entities, divided primarily by region and activity.
By 1892, Standard Oil had a monopoly over all oil refineries in the United States. In an overall calculation of America's oil refineries' assets and capital, Standard Oil surpassed all. [43] Standard Oil's combined assets equalled approximately $42,882,650 (equivalent to $1.45 billion in 2023 [7]) in Indiana, Kentucky, New Jersey, New York and ...
The Standard Oil Company (Ohio) was an American petroleum company that existed from 1870 to 1987. The company, known commonly as Sohio , was founded by John D. Rockefeller . [ 4 ] [ 2 ] It was established as one of the separate entities created after the 1911 breakup.