Standard Oil

Standard Oil (1863 - 1911) was a large integrated oil producing, transporting, refining, and marketing organization. It was founded by John D. Rockefeller (1839-1937) and partners in 1863, with the plan of making kerosene, which was sweeping the home lighting market, supplanting the commonly used whale oil (blubber). Borrowing heavily to expand his business, Rockefeller drew five big refineries including the business concern of Henry Morrison Flagler into one large firm, Rockefeller, Andrews & Flagler. By 1868 Rockefeller and Company headed Standard Oil of Pennsylvania, based in Pittsburg, one of the world's largest oil refining concerns.

The founding of Standard Oil

On January 10, 1870 Rockefeller formed his business concerns into one large company, the Standard Oil Company of Ohio, based in Cleveland. Cleveland with its port on Lake Erie and a large refinery complex, was more suited to the growing concern. Standard sought out efficiencies in its own processes and aggressively competed for refinery business, buying out rival companies. In 1874, Rockefeller acquired the oil interests of Charles Pratt and Company. The founder Charles Pratt (1830-1891) and his protégé Henry Huttleston Rogers (1840-1909) came with the deal. By 1878 Standard Oil held about 90% of the refining capacity in the U.S. In 1882 the company was reorganized as the Standard Oil Trust. The three key leaders of Standard Oil Trust were Henry H. Rogers, William Rockefeller, and, the most well known, John D. Rockefeller. The quality of kerosene did improve greatly, up to the new standard of refined products.

Related Topics:
January 10 - 1870 - Cleveland - Lake Erie - 1874 - Charles Pratt and Company - Charles Pratt - 1830 - 1891 - Henry Huttleston Rogers - 1878 - 1882 - William Rockefeller - John D. Rockefeller

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