Big Business

The Oil Industry

The Business Grew

The oil business grew because Edwin Drake decided to drill in Titusville, Pennsylvania and struck oil.This event led to the creation of a multimillion-dollar petroleum industry

John D. Rockefeller

John D. Rockefeller was born in Ritchford, New York. He controlled part of the oil company with four partners. He controlled the Standard Oil Company of Ohio. He acquired most of the oil refineries in Cleveland and other cities. One method that Rockefeller used was horizontal integration (combine competing firms into one organization.)

The Government Steps In

The government responded to the growing companies by

1. States passed laws restricting business combinations

2. Congress passed the Sherman Antitrust Act in 1890

The government restricted the growing business because the owners could easily control people and the government with all the power they were getting.