2. Rockefeller and Standard Oil Monopoly
In the chaotic early days of oil production, one man swiftly rose to dominance: John D. Rockefeller. Recognizing oil’s potential, Rockefeller founded Standard Oil in 1870, swiftly consolidating control over refining, transportation, and marketing. His aggressive business strategies—ranging from secretive deals with railroads to ruthless buyouts of competitors—allowed Standard Oil to monopolize nearly 90% of the American petroleum industry. Rockefeller’s empire wielded unprecedented influence over global oil prices, reshaping markets and prompting regulatory scrutiny. Ultimately, Standard Oil’s dominance drew fierce criticism, leading to landmark antitrust legislation that forever transformed corporate power dynamics in America and beyond.
