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John D. Rockefeller c. 1872, shortly after founding Standard Oil. Standard Oil's prehistory began in 1863, as an Ohio partnership formed by industrialist John D. Rockefeller, his brother William Rockefeller, Henry Flagler, chemist Samuel Andrews, silent partner Stephen V. Harkness, and Oliver Burr Jennings, who had married the sister of William Rockefeller's wife.
Standard Oil gradually gained almost complete control of oil refining and marketing in the United States through horizontal integration. In the kerosene industry, Standard Oil replaced the old distribution system with its own vertical system.
Share of the Standard Oil Company, issued May 1, 1878 [61] Part of this scheme was the announcement of sharply increased freight charges. This touched off a firestorm of protest from independent oil well owners, including boycotts and vandalism, which led to the discovery of Standard Oil's part in the deal.
[citation needed] Standard Oil is a famous example of both horizontal and vertical integration, combining extraction, transport, refinement, wholesale distribution, and retail sales at company-owned gas stations.
Horizontal integration is the process of a company increasing production of goods or services at the same level of the value chain, in the same industry. A company may do this via internal expansion or through mergers and acquisitions .
Standard Oil also has the distinction of being the first billion-dollar company in history. By 1913, Rockefeller's personal fortune had swelled to $900 million — a staggering 3% of the entire U ...
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]
The increase in oil prices of the 70s attracted non-OPEC producers—Norway, Mexico, Great Britain, Egypt, and some African and Asian countries—to explore within their country. In 1965, the Herfindahl index of horizontal integration for the crude oil production industry was 1600 and the horizontal integration for the exploration industry was ...