Standard Oil Company

The Standard Oil Company was an American oil producing, refining, and marketing company founded by John D. Rockefeller in 1870. It grew rapidly, dominating the oil industry by eliminating competition and controlling prices. By the early 20th century, it produced about 90% of the U.S. oil supply. Its business practices led to public outcry over monopolistic behaviors, resulting in the U.S. Supreme Court breaking it up into several smaller companies in 1911. Standard Oil's legacy includes shaping the modern oil industry and contributing to discussions about regulation and competition in business.