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Author Topic: History of Oil  (Read 5438 times)

Offline zorgon

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History of Oil
« on: January 03, 2012, 03:37:21 PM »
History of Oil

The first uses of petroleum that started the oil rush was the discovery of Kerosene...

[youtube]D4sykoUWZ8g[/youtube]

The beginning... the first Oil Baron, the one who wanted absolute control... John D Rockefeller



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John D. Rockefeller Sr. was born on July 8, 1839 in Richford, New York. His father worked as a traveling "doctor" who made outrageous claims that he could cure numerous diseases and charged $25 a treatment (a hefty sum in that time). His mother was a very religious woman that taught John about discipline and philanthropy.

John showed his ability as an entrepreneur at an early age, saving up $50 by the age of twelve. His primary business was working for neighbors and raising turkeys. He loaned his money to a farmer for seven percent annual interest and was thrilled by the idea of making money by doing nothing.

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In 1867, a man named Henry Flagler joined the business, making the name Rockefeller, Andrews & Flagler. A year later, their company became the largest refiner in the world and was highly efficient. In 1870, they formed the Standard Oil Company with John owning the majority share (30%). They immediately began trying to buy out the other oil companies to make Standard Oil a massive corporation, controlling oil wells and refineries all over the country.

By 1879, Standard Oil controlled 90% of the refining in the United States and about 70% of the refined oil being exported. In 1882, the company became a trust with John controlling a significant portion of the Trust shares. However, he did not have complete control and the board of trustees was able to do things without his approval. The company continued to grow, gradually becoming a monopolistic force and nearly forcing businesses to use their oil.

Rockefeller, John D.

[youtube]9TfRH-atfLQ[/youtube]

Offline zorgon

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Re: History of Oil
« Reply #1 on: January 03, 2012, 03:55:42 PM »
At this point people began to fear that Rockefellar would get a monopoly to control oil prices. To protect his interests he set up the "Standard Oil Trust". a mechanism to create a monopoly

Political cartoons of the era show the concern...



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The Standard Oil Company

The Standard Oil Company, the largest unit in the American oil industry and the first great effective industrial combination of its time, was founded by John D. Rockefeller in 1870. In just a short period of time, by the mid-1870s, the company had absorbed or eliminated most of its rival concerns(Encyclopedia of American History,1113-14). To do so, they used a series of cutthroat techniques such as: temporarily undercutting the price until competitors went bankrupt, negotiating with railroads to earn special rebates to save shipping costs, buying up competitors, and spying. By the end of the decade, the Standard Oil Company exercised a virtual monopoly over the production, transportation, refining, and marketing of petroleum products (Figure 1(http://apus-06-07.wikispaces.com/political cartoons – gilded age)). The company grew, and in 1882, all of its properties and its affiliates were merged into the Standard Oil Trust, which was first of the great corporate trusts that dominated the end of the 19th century (The Standard Oil monopoly, LINFO).

Standard Oil’s wrongdoings didn’t go unnoticed, and it faced fierce criticisms on corruption and corporate greed by the public and many journalists. The media attack on the Standard Oil existed almost from the moment the trust formed, but the attack reached its peak in the ‘muckraking era’ from 1902 to 1912. The most noteworthy of these critiques was that from Ida M. Tarbell, who published numerous articles on the Standard Oil in a renowned magazine (The Standard Oil monopoly, LINFO).

The company remained the largest oil refiner in the world and the first and largest corporation, and it withstood the attacks of antitrust laws in 1899 by transferring to a holding company under the name of Standard Oil Co. of New Jersey. It continued to stand strong until the dissolution of the holding company was ordered by the U.S. Supreme Court in 1911(Encyclopedia of American History 1113-14).

Ida Tarbell and the Standard Oil Company


[Bettmann/Corbis]
A political cartoon by C.J. Taylor entitled "King of the World" depicts John D. Rockefeller and the monopoly held by Standard Oil.


The Image of the Octopus, six drawings, 1882-1909



Offline zorgon

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Re: History of Oil
« Reply #2 on: January 03, 2012, 04:21:07 PM »
Electricity Comes

Since kerosene was used for light, when the electric light bulb swept across America the Oil companies were almost ruined, but then the automobile came in shortly after and once again they had the power, but this time the demand for oil gave Rockefeller competition.

Oddly enough scientists of the day said that there was no possible way Oil would exist anywhere else in the Nation, and especially in Texas. So because of that finding funding to start drilling in Texas almost didn't happen.

[youtube]WDkvhPGHwkk[/youtube]

Interestingly enough, Standard Oil was offered the Texas big producing first well "Spindle Top" and declined the deal... this led to their monopoly being offset by the creation of Gulf Oil and Texaco. Then the court ruled that Standard Oil was in violation of trust laws and had to break up... Mobile, Exxon, etc were all Standard Oil companies.

1972  Oils shortages and lineups at the pumps... OPEC formed and the sanction America

[youtube]nJDacQbRL_k[/youtube]

Oil Wars Begin :D

[youtube]WtNtlQ2Gso0&[/youtube]



 


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