Standard Petroleum is founded and begins distributing gasoline to service stations throughout Connecticut. Standard Oil (Indiana) absorbed Standard Oil of Nebraska in 1939 and Standard Oil of Kansas in 1948 and was renamed Amoco Corporation in 1985. No oil was ever shipped under this arrangement. [49] At least 147 refining companies were competing with Standard including Gulf, Texaco, and Shell. In Mexico, a new standard for oil and gas training Standard Oil of Connecticut offers heating equipment service plans that can help your system run more efficiently and reduce the cost of system repairs. The end of an era - Standard makes its last delivery of coal. Standard's market share was 64 percent by 1911 when Standard was ordered broken up. [46] The federal Commissioner of Corporations studied Standard's operations from the period of 1904 to 1906[47] and concluded that "beyond question the dominant position of the Standard Oil Co. in the refining industry was due to unfair practicesto abuse of the control of pipe-lines, to railroad discriminations, and to unfair methods of competition in the sale of the refined petroleum products". The response was positive, sales boomed and China became Standard Oil's largest market in Asia. The complex partnership called for a gradual stock acquisition u $11.99 + $4.79 shipping. * User Name. For inland distribution, the company had motor tank trucks and railway tank cars, and for river navigation, it had a fleet of low-draft steamers and other vessels. Near the top of that list in 1917 is The Standard Oil Company of New Jersey, which is just one of the 34 forced spin-offs from the original Standard Oil juggernaut that was split up in 1911. Several individuals, including John D. Rockefeller, were fined. Voted Best Oil Company in Connecticut, our commitment to customer satisfaction is unrivaled. The Standard Oil Company of Ohio was the original company that Rockefeller established in 1862. In 1911, Standard controlled only 44 percent of production in the Midcontinent, 29 percent in California, and 10 percent on the Gulf Coast.[65]. Roy FriedmanPresidentThe Standard Companies. In 1862, John D. Rockefeller, a resident of Cleveland Ohio, joined with two partners to establish an oil-refining company. [25][26] By 1880, through elimination of competitors, mergers with other firms, and use of favourable railroad rebates, it controlled the refining of 90 to 95 percent of all oil produced in the United States. Originally serialized in nineteen parts in McClure's magazine, the book is a seminal example of muckraking, and inspired many other journalists to write about trusts, large businesses that (in the absence of strong antitrust laws in the 19th century) attempted to gain monopolies in various industries. [50] It did not try to monopolize the exploration and extraction of oil (its share in 1911 was 11 percent). "[6], Though Standard Oil Company accrued more cumulative value after it was broken up, the exposure of what Tarbell described as immoral and illegal business became a striking symbol of the power of the press. 26 terms. In today's chart, we look at the "fragments" of Standard Oil, and who owns these assets today. Among these various companies were Standard Oil of Ohio, Standard Oil of Indiana, Standard Oil of New York, Standard Oil of New Jersey, Standard Oil of California, Standard Oil of Kentucky, Standard Oil of Iowa, Standard Oil of Minnesota, Standard Oil of Illinois, Standard Oil of Kansas, Standard Oil of Missouri, Standard Oil of Nebraska, and Standard Oil of Louisiana. During the 1880s and 1890s, Rockefeller came under attack from the federal government for having created a virtual monopoly over the oil industry. Chart: The Evolution of Standard Oil - Visual Capitalist Log In. The inspiration behind The History of Standard Oil Company was largely fueled by Ida Tarbell's childhood experiences. Defenders of Standard Oil insist that the company did not restrain trade; they were simply superior competitors. Standard Oil Company: The Rise and Fall of America's Most Famous Standard Oil (in full, Standard Oil Company and Trust) was an American company and corporate trust that from 1870 to 1911 was the industrial empire of John D. Rockefeller and associates, controlling almost all oil production, processing, marketing, and transportation in the United States. The result was that although in 1911 Standard still controlled most production in the older regions of the Appalachian Basin (78 percent share, down from 92 percent in 1880), Lima-Indiana (90 percent, down from 95 percent in 1906), and the Illinois Basin (83 percent, down from 100 percent in 1906), its share was much lower in the rapidly expanding new regions that would dominate U.S. oil production in the 20th century. In 1870, Rockefeller united these companies together as the Standard Oil Company. Born into modest circumstances in upstate New York, he . These reactions are immortalized in political cartoons utilizing imagery of Rockefeller's hidden agendas being demolished by investigative journalism and muckraking. Our editors will review what youve submitted and determine whether to revise the article. A. Barton Hepburn was directed by the New York State Legislature in 1879, to investigate the railroads' practice of giving rebates to their largest clients within the state. Over the coming decades, populations and living standards for many will rise and so will the need for energy. After 1900 it did not try to force competitors out of business by selling at a loss. [55], Standard's president, John D. Rockefeller, had long since retired from any management role. Today, our business has grown into the largest family-owned oil company in Connecticut. Tarbell Exposes The Standard Oil Company. [21], In response to state laws that had the result of limiting the scale of companies, Rockefeller and his associates developed innovative ways of organizing to effectively manage their fast-growing enterprise. STANDARD OIL COMPANY, an Ohio corporation, was incorporated on 10 January 1870 with a capital of $1 million, the original stockholders being John D. Rockefeller, with 2,667 shares; William Rockefeller, with 1,333 shares; Henry M. Flagler, with 1,333 shares; Samuel Andrews, with 1,333 shares; Stephen V. Harkness, with 1,334 shares; O. By 1882, Rockefeller's top aide was John Dustin Archbold, whom he left in control after disengaging from business to concentrate on philanthropy after 1896. [11] 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. $8.99. Voted Best Oil Company in Connecticut, our commitment to customer satisfaction is unrivaled. Originally, the name was primarily used by its predecessor Standard Oil of New Jersey after the breakup of the original Standard Oil company in 1911. As of 2021, six states that have the Standard Oil name rights are not being actively used by the companies that own them. Standard President Roy Friedman is named a Legend of Oil Heat honoree by New England Fuel Institute. The government identified four illegal patterns: (1) secret and semi-secret railroad rates; (2) discriminations in the open arrangement of rates; (3) discriminations in classification and rules of shipment; (4) discriminations in the treatment of private tank cars. Its oil-fuel burners came from the U.S. and water-tube boilers came from England. In essence, the Standard Oil Company created various companies across the United States that were purportedly their own entities. AtlanticRichfield (ARCO), a merger of Standard's Atlantic and an independent company called Richfield, and Standard Oil of Indiana (Amoco) were eventually absorbed into BP as well. A combination gasoline/diesel pump at an Exxon in Zelienople, Pennsylvania selling Exxon gasoline and "Esso Diesel". Voted Best Oil Company in Connecticut, our commitment to customer satisfaction is unrivaled. [15] He quickly distributed power and the tasks of policy formation to a system of committees, but always remained the largest shareholder. Other notable principals of the company include Henry Flagler, developer of the Florida East Coast Railway and resort cities, and Henry H. Rogers, who built the Virginian Railway. Would the public have been better off if older and more costly methods of producing, processing and shipping oil had continued to be used, leading to prices far higher than necessary? The companys origins date to 1863, when Rockefeller joined Maurice B. Clark and Samuel Andrews in a Cleveland, Ohio, oil-refining business. At its height, Standard Oil was the largest petroleum company in the world, and its success made its co-founder and chairman, John D. Rockefeller, one of the wealthiest Americans of all time[7][8] and one of the richest people in modern history. Standard Oil Company | Encyclopedia.com With comparatively few exceptions, mainly of other large concerns in California, the Standard has been the sole beneficiary of such discriminations. 1976 Standard Oil Company Bond Stock Certificate Red. [19] Using highly effective tactics, later widely criticized, it absorbed or destroyed most of its competition in Cleveland in less than two months[how?] But Standard simply separated Standard Oil of Ohio and kept control of it. While other companies' refineries piled mountains of heavy waste, Rockefeller found ways to sell it. Standard Oil Map - Etsy Whether you have hours at your disposal, or just a few minutes, Standard Oil Company study sets are an efficient way to maximize your learning time. An abridged paperback edition was released later. The History of the Standard Oil Company - Wikipedia Omissions? This article was most recently revised and updated by, https://www.britannica.com/topic/Standard-Oil, United States History - Standard Oil Trust. This scolding was largely moot to Standard Oil's interests since long-distance oil pipelines were now their preferred method of transportation. While Ohio won the case, Standard Oil appealed the decision. Contact Us | Standard Oil From 1882 to 1906, Standard paid out $548,436,000 in dividends at a 65.4% payout ratio. Prior to Pearl Harbor, Stanvac was the largest single U.S. investment in Southeast Asia. Ida M. Tarbell, "The History of the Standard Oil Company," 1904. Voted Best Oil Company in Connecticut, our commitment to customer satisfaction is unrivaled. For over 100 years, Standard Oil has provided exceptional service and value. [4], Several journal and newspaper reviewers addressed The History of Standard Oil Company by praising its calmness in the face of hatred, focus on facts, and genuine exposure of the effects that greed can have on businessmen seeking success. In 1870, Rockefeller abolished the partnership and incorporated Standard Oil in Ohio. Standard Oil of Indiana and the Standard Oil Company (Ohio) were later renamed Amoco and Sohio, respectively. The Legacy of the Breakup of Standard Oil - History in Charts Station signage at an Exxon station in Columbus, Ohio featuring the Esso logo, while BP owns the rights to the Standard Oil name in Ohio. Since the breakup of Standard Oil, several companies, such as General Motors and Microsoft, have come under antitrust investigation for being inherently too large for market competition; however, most of them remained together. 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