John D. Rockefeller was able to monopolize the oil market, due to

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12-02-2019
Social Studies

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John D. Rockefeller was able to monopolize the oil market, due to

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millermoldwarp millermoldwarp · Answer 1 · 2019-02-12T18:14:46+01:00

millermoldwarp millermoldwarp

12-02-2019

John D. Rockefeller was able to monopolize the oil industry by purchasing several oil companies through the combined vertical and horizontal integration process. The monopoly Rockefeller created it with his company Oil Standar. This tycoon used a trust to obtain total control of the oil industry.

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avantikar avantikar · Answer 2 · 2020-02-12T10:59:08+01:00

John D. Rockefeller was able to monopolize the oil market, due to horizontal consolidation- buying/driving out all other oil companies and/or entrepreneurs and vertical consolidation- buying into all other industries needed to minimize costs, maximize profits, and dominate the oil market

Further Explanation:

John D. Rockefeller established a company named Oil-Standard Company. This Company controlled all the ‘oil industry’ from the year 1870 to 1911. John D. Rockefeller created control by purchasing all the oil companies and Rockefeller had a ‘vertical consolidation’ acquiring warehousing and transportation in companies in order to lessen costs to maximize and minimize profits. He also controlled all the production methods and processes of oil, transportation, shipment, and selling.

He gained wealth by ‘controlling oil refineries’ across all over the countries. At his refineries, crude oil first turned into kerosene and then it sold to the public of America at affordable prices.

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Answer Details:

Grade: High School

Chapter: Standard Oil

Subject: Social Studies

Keywords: horizontal consolidation, entrepreneurs, vertical consolidation, Oil-Standard Company, oil industry, warehousing, transportation