Standard Oil

Standard Oil was an American oil company founded by John D. Rockefeller in 1870. It became the largest oil refiner in the world, dominating the industry through aggressive strategies including price-cutting and establishing monopolies. Standard Oil controlled about 90% of U.S. oil refining by the late 1800s, leading to concerns about its business practices. In 1911, the U.S. Supreme Court ruled that Standard Oil violated antitrust laws and ordered it to break into several smaller companies. The company’s legacy significantly shaped regulations on monopolies and corporate practices in the United States.