Another important fight between Roosevelt and another bad trust was about Standard Oil, owned by John D. Rockefeller. Originally, in 1862, John D. Rockefeller joined with 2 other companies to establish a brand-new oil company. The 3 partners began to purchase oil refineries in Pennsylvania and constructed some near Cleveland. However, in 1865, Rockefeller "bought out" one of the partners' interest in the oil company, which created the Rockefeller & Andrews Oil Company.
Over time, the company grew and grew. Eventually, Rockefeller joined together with other companies to become a single company and to stabilize oil prices throughout Ohio, where the companies were based. In 1870, Rockefeller officially united the companies together to become the Standard Oil Company. The company kept growing by purchasing oil refineries over the United States, and eventually bought out about ninety percent of the oil refineries in the United States (90%). However, things were quickly about to change.
In 1880-1890, the United States government began to attack Rockefeller's company for creating a virtual monopoly over the oil industry. The Sherman Anti-Trust Act was in effect here, which was an extreme threat to the future of the company. Due to the size, wealth, and influence of Standard Oil, the company effectively eliminated most, if not all, of the competition in the Oil Industry. Therefore, Rockefeller's company was under severe attack.
After a case in 1892, Ohio won the case, and the Standard Oil Company appealed the decision. However, in 1911, the United States Supreme Court ruled that Standard Oil was a trust that was too powerful, and therefore was required to be dismantled. The company quickly split into many subsidiary companies. In general, there were many Standard Oil companies designated for every state (Standard Oil of New York, Standard Oil of Missouri, etc.). Some of these companies (not all) were branded with the Standard Oil name to attract attention and boost sales, even though they were not owned by Rockefeller anymore. However, he was a Shareholder in each company since they broke off of the original, even if they were named Standard Oil or not. These companies led on to be extremely wealthy companies like Exxon, and, therefore, Rockefeller became one of the richest people in US history because of the wealth he gained by including shares.
Over time, the company grew and grew. Eventually, Rockefeller joined together with other companies to become a single company and to stabilize oil prices throughout Ohio, where the companies were based. In 1870, Rockefeller officially united the companies together to become the Standard Oil Company. The company kept growing by purchasing oil refineries over the United States, and eventually bought out about ninety percent of the oil refineries in the United States (90%). However, things were quickly about to change.
In 1880-1890, the United States government began to attack Rockefeller's company for creating a virtual monopoly over the oil industry. The Sherman Anti-Trust Act was in effect here, which was an extreme threat to the future of the company. Due to the size, wealth, and influence of Standard Oil, the company effectively eliminated most, if not all, of the competition in the Oil Industry. Therefore, Rockefeller's company was under severe attack.
After a case in 1892, Ohio won the case, and the Standard Oil Company appealed the decision. However, in 1911, the United States Supreme Court ruled that Standard Oil was a trust that was too powerful, and therefore was required to be dismantled. The company quickly split into many subsidiary companies. In general, there were many Standard Oil companies designated for every state (Standard Oil of New York, Standard Oil of Missouri, etc.). Some of these companies (not all) were branded with the Standard Oil name to attract attention and boost sales, even though they were not owned by Rockefeller anymore. However, he was a Shareholder in each company since they broke off of the original, even if they were named Standard Oil or not. These companies led on to be extremely wealthy companies like Exxon, and, therefore, Rockefeller became one of the richest people in US history because of the wealth he gained by including shares.