The History of the Standard Oil Company

The Standard Oil Company, founded by John D. Rockefeller in 1870, became a dominant force in the oil industry in the United States. Through aggressive tactics like undercutting competitors and acquiring rival companies, it controlled about 90% of the U.S. oil refining business by the late 19th century. This monopoly led to public outcry and legal challenges, culminating in a 1911 Supreme Court ruling that forced Standard Oil to break into several smaller companies. Its legacy includes shaping modern regulations on monopolies and the oil industry itself, influencing both economic practices and public policy.