The Rise of Standard Oil and the Impact of Black Gold
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The Lifeblood of the 20th Century
If we talk about the lifeblood of the 20th century, it must be said that one of the most important and representative elements of this era was oil and the industries that surrounded it.
John D. Rockefeller and Standard Oil
John D. Rockefeller was one of the wealthiest men in American history and a primary architect of the modern economy. He founded Standard Oil, a monopoly that dominated the sector. Rockefeller utilized aggressive marketing strategies, such as predatory pricing, to eliminate competitors. Furthermore, he vertically integrated his services, acquiring rival companies and managing public relations to ensure his success. By the 1900s, he controlled 90% of US oil capacity. Although his company was eventually... Continue reading "The Rise of Standard Oil and the Impact of Black Gold" »