Standard Oil | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-08

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Standard_Oil


00:02:06 1 Founding and early years
00:05:22 1.1 South Improvement Company
00:06:07 1.2 Hepburn Committee
00:07:39 1.3 Standard Oil Trust
00:09:04 1.4 Sherman Antitrust Act
00:10:16 2 1895–1913
00:13:55 2.1 In China
00:17:33 2.2 In the Middle East
00:18:06 2.3 Monopoly charges and anti-trust legislation
00:25:21 3 Breakup
00:27:42 4 Legacy and criticism of breakup
00:31:44 5 Successor companies
00:34:54 6 Rights to the name
00:36:47 7 See also



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SUMMARY
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Standard Oil Co. Inc. was an American oil producing, transporting, refining, and marketing company. Established in 1870 by John D. Rockefeller and Henry Flagler as a corporation in Ohio, it was the largest oil refinery in the world of its time. Its history as one of the world's first and largest multinational corporations ended in 1911, when the United States Supreme Court, in a landmark case, ruled that Standard Oil was an illegal monopoly.
Standard Oil dominated the oil products market initially through horizontal integration in the refining sector, then, in later years vertical integration; the company was an innovator in the development of the business trust. The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. "Trust-busting" critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened other businesses.
Rockefeller ran the company as its chairman, until his retirement in 1897.  He remained the major shareholder, and in 1911, with the dissolution of the Standard Oil trust into 34 smaller companies, Rockefeller became the richest man in the world, as the initial income of these individual enterprises proved to be much bigger than that of a single larger company. Its successors such as ExxonMobil or Chevron are still among the companies with the largest income worldwide. By 1882, his top aide was John Dustin Archbold. After 1896, Rockefeller disengaged from business to concentrate on his philanthropy, leaving Archbold in control. Other notable Standard Oil principals include Henry Flagler, developer of the Florida East Coast Railway and resort cities, and Henry H. Rogers, who built the Virginian Railway.