The Oil Business

Nyah Hailey

How Business Grew

Edwin Drake's Titusville well produced 15 barrels of petroleum a day. "Oil Rush" towns with names such as Oil City and Petroleum Center sprang up overnight. The oil boom expanded as prospectors struck oil in Ohio and West Virginia.

John D. Rockefeller made his fortune from oil. When John was 26 years old, him and 4 partners set up a plant to process oil. In 1870 he organized the Standard Oil Company of Ohio and set out to dominate the oil industry. One method Rockefeller used to build his empire was horizontal integration-(combining competing firms into one corporation). Standard Oil grew in wealth and power, becoming the most famous corporate empire of the day.

Restrictions

Why the Government began to restrict it

The organization spent about $6.7 million on lobbying for the first nine months of the year, according to public documents. Exporting issues were starting to become out of hand.