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How the decrease of competition, helped Rockefeller rise. 

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How the decrease of competition, helped Rockefeller rise. 

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After Rockefeller was in control of all or most of the refineries, it became much easier for him to control his business. By 1880, he developed to be the one in control of 95% of the nations oil-refining industry. He had many different refiners, but to make it easier, he combined them all into one standard oil trust. His oil started to become more popular, and that led him to making his own oil barrels, and he built his own warehouses, where he could store his oil products.

***Information from the textbook p.450***

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Over time, more and more oil refineries were opened, and they were all competing against each other. The amount of oil produced and the prices of the oil were wildly, due to the amount of refineries. Rockefeller didn't like that system at all, and he thought that is is wasteful and inefficient. So he tried to reduce the competition between the oil refineries, and he did that using two methods. The first method was that he destroyed and shut own many of the small "useless" refineries. And his second method, was that he bought the large ones, that he couldn't destroy.

***Information from the textbook p.450***

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Rockefeller was a giant in the oil business, and he introduced the trust as another form of business organization. The trust has the power to control the oil prices, which caused the people that depended on oil for their business and home to worry. They were worried that the oil would become too expensive for them, and they wouldn't be able to afford is anymore.
A trust is a group of corporations that are run and lead by a single board of directors.

***Information from the textbook p.450***

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How did John Davison Rockefeller start his business?

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How did John Davison Rockefeller start his business?

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Rockefeller started out early, when his brother William built another refinery in Cleveland, like the one they had in Ohio. William brought his brother John into the partnership, and they were working together. Over time they developed, and turned into an entire company made up of two refineries in cleveland, and one marketing subsidiary in New York. At that time, their company was the largest oil refinery in the world. https://en.wikipedia.org/wiki/John_D._Rockefeller#Pre-Standard_Oil_career

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Rockefeller was an American oil industry businessman, industrialist, and a Contributor.
He was born in New York in 1839, and he died in Florida in 1936. He used to live with his family in Cleveland, Ohio, his father was a con man, and his mother was a religious women. At the age of 16 Rockefeller started to work as a bookkeeper assistant.
He is mostly known for founding and leading standard oil companies.  https://en.wikipedia.org/wiki/John_D._Rockefeller