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Antitrust and Monopoly – Energy History

energyhistory.yale.edu · 1,592 words · saved by 1 readers

In 1859, the completion of the first successful petroleum well in northwestern Pennsylvania set off a wild speculative oil boom. Independent oil producers dominated this early oil extraction. Petroleum moved to markets first on wagons traveling over rough roads, and then by means of pipelines and railroads. Corporate consolidation in the refining stage, however, soon created a bottleneck in the supply chain. By merging several Cleveland refineries and negotiating favorable shipping rates with railroads, John D. Rockefeller and his business partners gained control of the rapidly growing petroleum industry. As the company grew into a multi-faceted enterprise operating across state lines and internationally, Standard Oil tied ostensibly independent business units together into a single far-flung, interlocking operation. John D. Rockefeller created the Standard Oil Trust in 1882, the first of many giant conglomerates that dominated key business sectors in the final decades of the century.

Overview Library items Additional Reading Author Bio Timeline Overview Paul Sabin In 1859, the completion of the first successful petroleum well in northwestern Pennsylvania set off a wild speculative oil boom. Independent oil producers dominated this early oil extraction. Petroleum moved to markets first on wagons traveling over rough roads, and then by means of pipelines and railroads. Corporate consolidation in the refining stage, however, soon created a bottleneck in the supply chain. By merging several Cleveland refineries and negotiating favorable shipping rates with railroads, John D. R

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