Facts about oil companies and domination
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Get information, facts, and pictures about Standard Oil Company at This vertical integration buttressed Standard's dominance of the industry. And during the.
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13 Dec Business and economics research advisor, BERA: A series of guides produced by Specialists in the Business Reference Section of the Science.
Industry Cartels & Organizations
Description:Standard Oil Company Sources Background. In the s 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. It would not become important for fueling engines until the twentieth century. Production boomed; wells sprang up as large oil fields were discovered in Pennsylvania and the Midwest; and hundreds of small firms sprouted. In the decades after the Civil War this buzzing, frenetic activity formed the backdrop for the emergence of a new way of organizing business on an unprecedented large scale: Rockefeller had amassed effective control over oil refining in Cleveland in the late s and early s Cleveland being an important refining region by promising railroads a regular flow of business in return for lower shipping rates.