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The History of Standard Oil [Energy History]

Follow for more content! TikTok: @ TheEnergyBuff instagram @ TheEnergyBuff Blog: https:// sites.create.ou.edu/energybuff/ This is the story of how Standard Oil, a United States oil company, became the start of some of the largest companies in the world today. The companies that grew from Standard Oil currently have a combined market cap of over $950 Billion. Standard Oil's history goes back to 1863, When John D. Rockefeller and two other businessmen started an oil refining business in Cleveland, Ohio. However, it wasn't until 1870 that the famous "Standard Oil Company & Trust” (referred to as Standard Oil) was formed. In the trust agreement, companies could be purchased, created, dissolved, or merged at the will of the trustees. Throughout the late 1800s, business began to boom for Standard Oil. By eliminating competitors, merging with other companies, and friendly railroad rebates, Standard oil gained control of 91% of US oil production and 85% of final sales. By the 1900s, the US government had become concerned with Standard Oil's monopolistic business practices and began an investigation into them. In 1906 the United States government brought a lawsuit against Standard Oil for violating the Sherman antitrust act. After several years of fighting, the courts ruled in favor of the US government. The ruling ordered Standard Oil to break into 34 individual companies. Seven large parts of Standard Oil kept "Standard Oil" in their name. These companies were Standard Oil of Kentucky, Standard Oil of California, Standard Oil of New York, Standard Oil of New Jersey, Standard Oil of Indiana, The Standard Oil company (Ohio), and The Ohio Oil Company. These companies were the major building blocks of some of the largest Oil and Gas companies today. Standard Oil of California acquired Standard Oil of Kentucky, Texaco, and Unocal to become the Chevron Corporation. Standard Oil of New York merged with another Standard Oil company called Vacuum Oil, eventually renamed Mobil. Standard Oil of New Jersey acquired the Humble Oil Company and underwent a name change to Exxon. The two former Standard companies ultimately merged to form ExxonMobil. Standard Oil of Indiana absorbed Standard Oil of Nebraska and Standard Oil of Kansas and was renamed Amoco Corporation. Amoco would later merge with British Petroleum Company plc to become BP Amoco plc, later shortened to BP. BP also acquired The Standard Oil Company (Ohio). The Ohio oil company changed its name to Marathon Oil in 1930 and spun off Marathon Petroleum in 2011.