Company assets by the turn of the century had reached $300 million. (January 12, 2021). The most serious challenge to Standard Oil carne from the oil producers (at this stage the company did not actually drill for oil; it merely refined it). On 2 January 1882, therefore, a new arrangement, the Standard Oil Trust Agreement, set up the first monopoly trust in American history. This innovation demonstrated that crude oil could be shipped cheaply over long distances by pipeline—much more cheaply than by rail, in fact. Omissions? Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). Uses (1) As a Commodity of Exchange (2) As a Cosmetic (3) As a Medicine (4) As a Food (5) As an Illuminant (6) In Religious Rites (a) Consecration Therefore, it’s best to use Encyclopedia.com citations as a starting point before checking the style against your school or publication’s requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. Retrieved January 12, 2021 from Encyclopedia.com: https://www.encyclopedia.com/history/news-wires-white-papers-and-books/standard-oil-company. Boston: Houghton Mifflin Co., 1999. Let us know if you have suggestions to improve this article (requires login). Standard Oil (1863 - 1911) was an oil refining organization founded by John D. Rockefeller (1839-1937) and partners in 1863.Borrowing heavily to expand his business, Rockefeller drew five big refineries including the business concern of Henry Morrison Flagler into one firm, Rockefeller, Andrews & Flagler.By 1868 he headed the world's largest oil refinery. By 1868 he headed the world's largest oil refinery. STANDARD OIL COMPANY, an Ohio corporation, was incorporated on 10 January 1870 with a capital of $1 million, the original stockholders being John D. Rockefeller, with 2,667 shares; William Rockefeller, with 1,333 shares; Henry M. Flagler, with 1,333 shares; Samuel Andrews, with 1,333 shares; Stephen V. Harkness, with 1,334 shares; O. The Genie Out of the Bottle: World Oil Since 1970. The Cambridge Grammar of English distinguishes the syntactic category of proper name from that of proper noun (Payne & Huddleston 2002: 516). From earliest times oil was used as a cosmetic, especially for oiling the limbs and head. Then, in 1879, the situation was given more systematic treatment. Libya B. Jennings, with 1,000 shares; and the firm of Rockefeller, Andrews and Flagler, with 1,000 shares. (Rockefeller was such a hard-nosed negotiator that he talked the railroads not only into giving Standard Oil rebates; they even paid him rebates on his competitors' shipping!) Cite this article Pick a style below, and copy the text for your bibliography. In 1865 Rockefeller bought out Clark, and two years later he invited Henry M. Flagler to join as a partner in the venture. In the first third of the. Rockefeller’s conquests, in turn, increased his leverage over the railroads and thereby magnified his advantages over remaining competitors. . (071) 496-4000 A. Bostwick and Company in New York; the Long Island Oil Company; and a controlling share of the Devoe Manufacturing Company on Long Island. In 1906 a federal lawsuit against Standard Oil broke up the New Jersey trust. The new arrangement allowed Standard Oil Trust to integrate the industry horizontally by combining competing companies into one and vertically by controlling petroleum from its production to its sale. Exxon Mobil or ExxonMobil (NYSE: XOM) is the world's biggest oil and gas company.It was created when Exxon and Mobil, both companies formed after the John D. Rockefeller's original Standard Oil company split apart, joined together in a merger to become one company. Roughly 1/3 of the world's primary energy comes from this primary fuel.Chemically, oil is composed mainly out of carbon and hydrogen with other trace elements. ." And during the same period, the company expanded overseas, setting up its first foreign affiliate—the Anglo-American Oil Company Limited of London—in 1888. 1 Refinery in Cleveland when the city was the center of the world petroleum industry, 1889. Oil used in this way was usually scented (see OINTMENT). Terms 2. . Berkeley and Los Angeles: University of California Press, 1997. In 1892 the Ohio Supreme Court dissolved the Standard Oil Trust. Nov 14, 2014 - Standard Oil - Wikipedia, the free encyclopedia However, at this point Rockefeller and his associates found that they needed a more formal way to structure their business. In some ways, we see the same effect today. The company purchased farmland on the east side of the Mississippi River. New York: Arno Press, 1976. With easy access to railroads and the Great Lakes, Rockefeller's home city of Cleveland, Ohio, soon became the hub for crude oil refining, thanks to the business acumen of Rockefeller and his partners. ." Growth. From 1920 to 2003, more than 1.8 billion barrels of oil have been produced in Arkansas. al. Gale Encyclopedia of U.S. Economic History. 1. And because it branched out from its original concentration on refining into the drilling of crude oil and the sale of petroleum products, it also became a "vertical monopoly.". This vertical integration buttressed Standard’s dominance of the industry. Rockefeller foresaw the potential of refining Pennsylvania crude oil, which would revolutionize the way people lighted their homes, fueled their vehicles, and powered their industries. The big profit earner, even in the early 1990s, remained crude oil, and not gasoline sales. During those same years, the most commonly used standard reference conditions for people using the Imperial or customary USA system of units was 60 °F (520 °R) and 14.696 psia (i.e., 1 atmosphere of absolute pressure) because it was almost universally used by the oil and gas industries worldwide. Brown, Anthony Cave. In 1879 an association of producers completed the Tidewater Pipeline, running from oil fields in Bradford to the Reading Railroad at Williamsport, Pennsylvania. Philosophies of Facts 1.1 Facts, Facts & Facts. See alsoAntitrust Laws ; Free Trade ; Petroleum Industry ; Standard Oil Company of New Jersey v. United States ; Trusts . Campus Location: Mather House, Room 308 11201 Euclid Ave. Cleveland, OH 44106 Mailing Address: Standard Oil (Indiana) absorbed Standard Oil of Nebraska in 1939 and Standard Oil of Kansas in 1948 and was renamed Amoco Corporation in 1985. Roughly 1/3 of the world's primary energy comes from this primary fuel.Chemically, oil is composed mainly out of carbon and hydrogen with other trace elements. BP AMERICA, formerly the Standard Oil Co. (Ohio), which was the original Standard Oil Co. founded by JOHN D. ROCKEFELLER in 1870 along with his brother, William, HENRY M. FLAGLER , SAMUEL ANDREWS, and STEPHEN V. HARKNESS .Rockefeller entered the oil business full time in 1864 when he bought Andrews & Clarke Co., a firm which sold kerosene distilled from crude oil. In 1872 it bought the oil transporting and refining firmof J. Other companies that once were part of the trust included Atlantic Richfield Company, Buckeye Pipe Line Company (Ohio), Chesebrough-Pond’s Inc., Pennzoil Company, and Union Tank Car Company (New Jersey). Map Store; All Bible Maps; Bible Maps; Old Testament Maps The former Standard Oil Building, lower Manhattan, New York City, constructed in 1921–28 atop an original building of 1884–85; designed by Thomas Hastings. To govern the trust, the agreement established an executive committee and vested it with broad administrative powers over Standard’s various subsidiaries. AAAS. By 1879, special agreements with the railroads along with strategic use of pools allowed Standard Oil, with its subsidiary and associated companies, to control 90 to 95 percent of the refining capacity of the United States, immense pipeline and storage-tank systems, and powerful marketing organizations at home and abroad. Within two years the Ohio Supreme Court ordered the trust to divest itself of Standard Oil of Ohio declaring in its ruling that “Monopolies have always been regarded as contrary to the spirit and policy of the common law.... A society in which a few men are the employers and the great body are merely employees or servants, is not the most desirable in a republic.” Standard Oil responded by shifting the core holding company to Standard Oil of New Jersey (in that state laws governing business combinations were looser) and restructuring and enlarging its other companies. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. International Standard Bible Encyclopedia / Oil; Share Tweet. The Paradox of Plenty: Oil Booms and Petro-States. ." Incorporated: 1909 as Anglo-Persian Oil Company Yergin, Daniel. He received U.S. Patent No. Public Company In 1906 the federal Bureau of Corporations filed a report on Standard Oil's operations in Kansas that led directly to a federal antitrust suit against Standard Oil in the U.S. In 1978 Imperial Oil formed Esso Resources Canada Ltd to handle its resource operations. Fairfax, Virginia 22037 Campus Location: Mather House, Room 308 11201 Euclid Ave. Cleveland, OH 44106 Mailing Address: U.S.A. The Standard Oil Trust was formed in 1863 by John D. Rockefeller. In the locution “matters of fact”, facts are taken to be what is contingently the case, or that of which we may have empirical or a posteriori knowledge. Like the Titanic, it must have sunk while making the crossing of the Atlantic....The Rockefeller syndicate came out with the 11th edition around 1910. 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