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Whether the breakup of Standard Oil was beneficial is a matter of some controversy. [60] Some economists believe that Standard Oil was not a monopoly, and argue that the intense free market competition resulted in cheaper oil prices and more diverse petroleum products.
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]
Today, many of Standard Oil's 39 successor entities play roles in the oil industry, either on their own or through being acquired by other companies. Standard Oil of New Jersey, the controlling division of Standard Oil at the time of the 1911 breakup, continues to exist as ExxonMobil, formed from the merger of it and Standard Oil of New York.
Around the turn of the twentieth century, Big Oil was John D. Rockefeller's Standard Oil Trust. By 1904, the monopoly controlled 91% of the U.S. oil market and 85% of final sales. But it was in ...
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 ...
The History of the Standard Oil Company is credited with hastening the breakup of Standard Oil, which came about in 1911, when the Supreme Court of the United States found the company to be violating the Sherman Antitrust Act. The subsequent decision splintered the company into 34 "baby Standards." The value of Rockefeller's shares rose after ...
It broke the monopoly into three dozen separate companies that competed with one another, including Standard Oil of New Jersey (later known as Exxon and now ExxonMobil), Standard Oil of Indiana , Standard Oil Company of New York (Mobil, again, later merged with Exxon to form ExxonMobil), of California , and so on. In approving the breakup, the ...
Standard Oil’s John D. Rockefeller habitually gave money to Republicans but still clashed with trust-busting Republican Teddy Roosevelt, who criticized Rockefeller’s monopoly and initiated ...