In 1888 the first foreign affiliate of Standard Oil was created. Oholibamah Oil Press OIL. American Eras. Fairfax, Virginia 22037 By 1870 the firm of Rockefeller, Andrews, and Flagler was operating the largest refineries in Cleveland, and these and related facilities became the property of the new Standard Oil Company, incorporated in Ohio in 1870. As more and more automobiles and trucks began to dominate transportation in the 1920s, Standard Oil's sales shifted from kerosene to gasoline. This caused protest from the companies that were still using the Standard Oil name, so the company officially changed its name to Exxon in 1972. AAAS. 1 Refinery in Cleveland when the city was the center of the world petroleum industry, 1889. The already gigantic company was growing at such an remarkable pace that it alarmed the "muckraker" exposé journalists of the late nineteenth century, like Ida Tarbell (1857–1944), who denounced Standard Oil as an "octopus," or a monopoly, strangling the forces of competitive capitalism, ruining the small businessman, and trampling on the rights of labor. In 1870, the company was renamed Standard Oil Company, after which Rockefeller decided to buy up all the other competition and form them into one large company. Note that all information is in English Rockefeller tried to protect Standard’s position by promoting pools, or associations, among refiners: agreements to set prices, secure advantageous shipping rates, and allocate production quotas and profits. But by informal arrangement, unity of action was maintained among these twenty corporations until 1899 when they were gathered into a holding company called Standard Oil of New Jersey. The company purchased farmland on the east side of the Mississippi River. Map Store; All Bible Maps; Bible Maps; Old Testament Maps 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. Bible Maps. Standard Oil, in full Standard Oil Company and Trust, American company and corporate trust that from 1870 to 1911 was the industrial empire of John D. Rockefeller and associates, controlling almost all oil production, processing, marketing, and transportation in the United States. (2) As a Cosmetic. American Eras. Standard Oil Refinery, n.d. This innovation demonstrated that crude oil could be shipped cheaply over long distances by pipeline—much more cheaply than by rail, in fact. Berkeley and Los Angeles: University of California Press, 1997. "Standard Oil Company In general, oil is a liquid that is made up of organic molecules.However, in the context of the world's energy sector oil, or more specifically, crude oil is the liquid fossil fuel that is extracted from the ground. John Davison Rockefeller (1839-1937), American industrialist and philanthropist, founded the Standard Oil Company, the Unive…, 1 Finsbury Circus ." Exxon Mobil or ExxonMobil ( NYSE : XOM) is the world's biggest oil and gas company. Campus Location: Mather House, Room 308 11201 Euclid Ave. Cleveland, OH 44106 Mailing Address: 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 Salt Creek Oil Field around the town of Midwest, Wyo., about 40 miles north of Casper, is still producing oil today and was at one time the largest producing oil field in the world.. 1. The Standard Oil Trust was formed in 1863 by John D. Rockefeller. In ten years, Rockefeller controlled $33 million of the $35 million annual refining capacity of the United States. He received U.S. Patent No. Rockefeller then began a series of shrewd business maneuvers, which included several mergers, the absorption of the next three largest refiners in the nation, and the use of favorable railroad rebates. In 1911, after dissolution of the Standard Oil empire, eight companies retained “Standard Oil” in their names, but by the late 20th century the name had almost passed into history. By 1950, however, the top-selling products were still fuel oils used as substitutes for coal to power ships and industrial plants; distillates used for home heating and diesel engines were also important products. [CDATA[ The total of the trust certificates was therefore $70 million, considerably less than the actual value of the properties. "Standard Oil Company ." 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. He built up the company through 1868 to become the largest oil refinery firm in the world. Home >> Collier's New Encyclopedia, Volume 9 >> Spore to Tacitus >> Standard Oil Company Standard Oil Company trust, industry, companies and cent STANDARD OIL COMPANY, a union of business interests that have held since 1880 a predominant position in the petroleum industry. (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!) In 1882 the Standard Oil Company and affiliated companies that were engaged in producing, refining, and marketing oil were combined in the Standard Oil Trust, created by the Standard Oil Trust Agreement signed by nine trustees, including Rockefeller. In 1865 Rockefeller bought out Clark, and two years later he invited Henry M. Flagler to join as a partner in the venture. The Trust. This required more powerful machinery and a better hull form to permit a higher sustained speed than was the norm for civilian tankers. From its initial construction in Wood River in 1907 to its closure in the mid-1990s, the Standard Oil Refinery maintained a strong community presence. Public Company Philanthropist Imperial Oil Limited. Analytical Adjustments To Financial Statements Of Corporate Entities At 1,136 feet (346.3 m) tall, it is second only to the Sears Tower in height in Chicago. 12 Jan. 2021 . Rockefeller bought out Clark in 1865, and Henry M. Flagler became a partner in the venture in 1867. Standard Oil: The First 125 Years. In Ida Tarbell. Retrieved January 12, 2021 from Encyclopedia.com: https://www.encyclopedia.com/history/dictionaries-thesauruses-pictures-and-press-releases/standard-oil-company. Stillwater, MN: Motorbooks International, 1996. By the time of Tarbell's publication, social criticism was just one of many forces checking Standard Oil's power. In the 1850s a new industry emerged when refiners discovered that refined petroleum (which up until that point had been bought chiefly for its supposed medicinal properties) made an ideal fuel for lamps. Federal Legislation. (It would not become important for fueling engines until the twentieth century.) 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. Oil used in this way was usually scented (see OINTMENT). . Libya Wood River was a rapidly growing community during the first quarter of the twentieth century, largely as a result of the establishment of the Standard Oil Refinery. Rapid expansion blamed for poor safety record One of the offspring of that breakup was Standard Oil of Ohio . Oil is still sometimes given in payment (1 Kings 5:11; Ezekiel 27:17; Hosea 12:1; Luke 16:6; Revelation 18:13). All stock and properties, including that of the Standard Oil proper as well as of interests outside Ohio, were transferred to a board of nine trustees, consisting of the principal owners and managers, with John D. Rockefeller as head. 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). Ayatollah Taleghani Street Our editors will review what you’ve submitted and determine whether to revise the article. The 30 companies in the trust controlled 80 percent of the refineries and 90 percent of the oil pipelines in the country. Terms. 12 Jan. 2021 . The company took the place of the previous firm of Rockefeller, Andrews and Flagler (formed 1867), whose refineries were the largest in Cleveland and probably the largest in the world at that time. However, at this point Rockefeller and his associates found that they needed a more formal way to structure their business. Standard Oil's growth in wealth and power drew the awe of other corporations and the criticism of social critics, most notably muckraker Ida Tarbell, who wrote the scathing "History of the Standard Oil Company" in McClure's magazine in 1902. British Petroleum Company PLC completed the purchase of Standard Oil Company (Ohio) in 1987, and in 1998 British Petroleum (renamed BP) merged with Amoco. Karl, Terry Lynn. The T3s were standard Maritime Commission tankers. Opened in 1889, the Standard Oil refinery in Whiting, Indiana was one of the company's largest and most productive. But the cost-efficiency of pipeline transport made it imperative to ship crude oil to shipping points and refine it there. Cite this article Pick a style below, and copy the text for your bibliography. Gale Encyclopedia of U.S. Economic History. The word “fact” is used in at least two different ways. Contact Us. The legal confrontation finally came to a head in the United States Supreme Court in 1911. National Iran…, National Oil Corporation His competitors, unable to obtain the same rates, found themselves faced with the choice of being ruined or agreeing to be absorbed by Standard Oil (via stock exchanges). https://www.encyclopedia.com/history/news-wires-white-papers-and-books/standard-oil-company, "Standard Oil 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. Processos Interativos Homem-Meio Ambiente (Interactive Man-Environment Processes), 1 ed. One of Rockefeller's main contributions was in devising ways to structure this economic power. Em…, John Davison Rockefeller While Jersey Standard retained a number of smaller companies, it lost the largest refineries held in other states and its monopoly on production of oil and pipelines. He built up the company through 1868 to become the largest oil refinery firm in the world. Standard Oil Trust. In order to accomplish this restructuring, the company needed to institute more centralized administrative machinery. It was one of the successor companies to Standard Oil after the anti-trust breakup in 1911.Standard Oil of Ohio was the original Standard Oil company founded by John D. Rockefeller.. BP ceased use of the Sohio name in 1991. The History of the Standard Oil Company, originally a serial that ran in McClure’s, is one of the most thorough accounts of the rise of a business monopoly and its use of unfair practices. The articles also helped to define a growing trend to investigation,…. ." Williamson, Harold F. The American Petroleum Industry. Standard Oil Company was started by John D. Rockefeller in 1870 and quickly became the world’s largest multinational corporation. A proper noun is a word-level unit of the category noun, while a proper name is a type of noun phrase.So, for example, the proper name “Alice Walker” consists of two proper nouns: “Alice” and “Walker”. The Genie Out of the Bottle: World Oil Since 1970. A couple of years earlier, Stanard had also worked on innovations to improve the home kitchen, and his 1889 oil stove was a space-saving design that he suggested could be used for buffet-style meals on trains. Olive oil is the oil consisting of a blend of refined olive oil and virgin olive oils fit for consumption as they are. On 2 January 1882, therefore, a new arrangement, the Standard Oil Trust Agreement, set up the first monopoly trust in American history. Allan Nevins, Study in Power: John D. Rockefeller, Industrialist and Philanthropist, 2 volumes (New York: Scribners, 1953); Ida Tarbell, The History of the Standard Oil Company (New York: McClure, 1904); Harold F. Williamson and Arnold R. Daum, The American Petroleum Industry: The Age of Illumination, 1859-1899 (Evanston, 111.: I Northwestern University Press, 1959). By 1906, Standard Oil Company had made its way to Illinois. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. Growth. In some ways, we see the same effect today. The 1890 Sherman Anti-Trust Act was aimed directly at the structure that Standard Oil had set up, and in its wake the company faced a major legal assault. Get a Britannica Premium subscription and gain access to exclusive content. Britannica becomes "Britannica, Inc.," after its purchase by the Standard Oil Company. In 1889, John D. Rockefeller's Standard Oil Co. established an Indiana-based subsidiary. The first twelve T3-S2-A1 tankers were built for Standard Oil with subsidies and technical assistance from the Navy to ensure that the ships would be usable as fleet oilers in the event of war. Meanwhile in the nation, the various remaining refiners engaged in intense, cutthroat competition over the 1870s, overproducing and slashing into profits. Tehran Standard Oil, a conglomerate trust of companies formed in 1863 by enterprising American tycoon J. D. Rockefeller, was one such entity that came under the scanner for disposing oil in river waters. Omissions? Standard Oil was, as the muckrakers said, a monopoly. Growth continued into the first decade of the twentieth century, as did hostile governmental scrutiny. Within the “Cite this article” tool, pick a style to see how all available information looks when formatted according to that style. 3. For each share of stock of Standard Oil of Ohio, twenty trust certificates of a par value of $100 each were to be issued. the price of oil plummeted to 10 cents a barrel. WRHS. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. Please refer to the appropriate style manual or other sources if you have any questions. In 1882 Rockefeller and his associates established the first trust in the United States, which consolidated all of the company's assets under the New York Company, in which Rockefeller was the major shareholder. 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. From its initial construction in Wood River in 1907 to its closure in the mid-1990s, the Standard Oil Refinery maintained a strong community presence. If an internal link led you here, you may wish to change the link to point directly to the intended article. The most ambitious of these was the National Refiners Association, formed in August 1872. London EC2M 7BA From 1920 to 2003, more than 1.8 billion barrels of oil have been produced in Arkansas. In 1906 the U.S. government brought suit against Standard Oil Company (New Jersey) under the Sherman Antitrust Act of 1890; in 1911 the New Jersey company was ordered to divest itself of its major holdings—33 companies in all. After seven years of local success the company was incorporated in 1870. There was no 10th Edition of the Encyclopedia. See alsoAntitrust Laws ; Free Trade ; Petroleum Industry ; Standard Oil Company of New Jersey v. United States ; Trusts . These refineries, superior efficiency, and the threat of the South Improvement Company led Standard Oil to swallow practically all rival refineries in the Cleveland area in 1872. The trustees promptly began reorganizing the business, moving the company’s headquarters to New York and setting up several important new subsidiaries—the Standard Oil Company of New York and what would become the company’s single most important individual company within the trust: the Standard Oil Company of New Jersey. Corrections? While Standard Oil of Ohio remained legally a small company with no manufacturing operations outside its state, it was the nucleus of an almost nationwide industrial organization, one of the richest and most powerful in the country. By the mid 1880s the trust had moved into new headquarters at 26 Broadway in New York, manned by an extensive staff. (703) 846-3000 From the Japanese perspective, the Pacific War was fought largely over oil. It was dissolved in 1911. Olive oil is the oil consisting of a blend of refined olive oil and virgin olive oils fit for consumption as they are. Standard Oil of Ohio or Sohio was an American oil company that was acquired by British Petroleum, now part of BPAmoco.. Exxon and Mobil merged in 1999, and Chevron merged with Texaco in 2001. O.). Then, copy and paste the text into your bibliography or works cited list. The Standard Oil Building in Chicago was completed in 1972. The Standard Oil Trust Agreement, signed by Rockefeller and associated investors on 2 January 1882, set up the trust as the central holding agency conglomerating forty companies. Standard Oil moved its headquarters to New York City at 26 Broadway, and Rockefeller became a central figure in the city's business community. John D. Rockefeller was one of the most successful industrialists in the history of the United Stat…, 3225 Gallows Road In 1892 the Ohio Supreme Court dissolved the Standard Oil Trust. Via Wikipedia Commons. Standard Oil adapted by developing a European presence, expanding into natural gas production in the U.S., and then producing gasoline for automobiles, which until then had been considered a waste product. Borrowing heavily to expand his business, he drew five big refineries into one firm, Rockefeller, Andrew & Flagler. In the early 1970s, when the company moved into new offices on East Randolph Drive near Chicago's lakefront, Standard Indiana … By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. Since the 16th century, oil painting has been the most popular painting technique. ." Home >> Collier's New Encyclopedia, Volume 9 >> Spore to Tacitus >> Standard Oil Company Standard Oil Company trust, industry, companies and cent STANDARD OIL COMPANY, a union of business interests that have held since 1880 a predominant position in the petroleum industry. Bashir Sadawi Street Gas Encyclopedia Air Liquide Find complete information on more than 60 molecules used in research, industry and health. 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. When the building was originally built, it was the world's tallest marble clad building. 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. After trying a variety of other methods to skirt the company's articles of incorporation, Standard Oil finally overcame this restriction by acquiring stocks not in the name of Standard Oil of Ohio but in that of a prominent stockholder named as trustee. Encyclopedia.com. Standard Oil's huge network of refineries, pipes, tanks, and marketing systems was thus given a secret, but for the time being satisfactory, legal organization, while administration was centralized in nine men, with John D. Rockefeller at their head. State-Owned Company Standard Oil broke up in 1911 as a result of a lawsuit brought against it by the U.S. government in 1906 under the Sherman Antitrust Act of 1890. 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.". Growth in a Changing Environment: A History of the Standard Oil Company (New Jersey),1950–1972 and Exxon Corporation, 1972–1975. 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