Big Business
Oil
Come work at the best Oil industry in town
The oil industry has grown rapidly in the late 1800s.
Important people of the industry
John D. Rockefeller
When he was 26 years old he and four partners set up the oil refinery which processed oil. Then in 1870 he organized the Standard Oil Company of Ohio in hopes to dominate the oil industry. One method of doing this was horizontal integration which was combining competing firms into one organization.
The oil industry grew by Rockefeller lowering his prices to drive his competitors out of business and pressured customers not to deal with rival oil companies and persuaded the railroads to give him rebates. He also did it by forming a trust by acquiring stock in many different oil companies, then the shareholders traded their stock for Standard oil. All of this gave Rockefeller a monopoly of the oil industry.