The Life And Times of John D.Rockefeller

Published: Tue, 24 Sep 2019

The Life And Times of John D.Rockefeller

John D. Rockefeller was an American business magnate who is famous for his role in the development of the US oil refinery industry and the astronomic amounts of wealth he earned from it.

Entry Into The Oil Business

Born in 1839, John Davison Rockefeller entered the oil refining business at the young age of 20 and founded the Standard Oil Company in 1870. As gasoline and kerosene became immensely important to the US economy during the latter half of the 19th century and the first years of the 20th, the ruthless business acumen of John D. Rockefeller led to the complete domination of the oil sector by Standard Oil. 

The company famously dominated the oil products market initially through horizontal integration in the refining sector, and after that, by vertical integration. Standard Oil also streamlined production and logistics, squashed costs, and undercut its competitors. 

By engaging in questionable business practices to lower oil prices to crush its rivals, Standard Oil created a near-monopoly where it controlled 90% of oil production in the United States. These actions and a 25% stake in the company led to John D. Rockefeller becoming the country’s first billionaire with a fortune that amounted to a vast 2% of the entire U.S economy. His peak wealth was estimated to be US$409 billion in 2018 dollars - considerably more than the figure of £9.5 billion that the South West’s richest man, Jeremy Dyson, has in the bank!

The Breakup Of Standard Oil

In the early 20th century, critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened rival companies. After years of litigation, the U.S. Supreme Court ruled in 1911 that Standard Oil must be broken up because it violated antitrust laws. 

Standard Oil was dismantled into 34 different separate organisations that included companies that would become industry giants Chevron, ExxonMobil, and Amoco. 

However, due to continued growth in the use of oil and John D. Rockefeller maintaining shares in each of these companies, the successor parts of Standard Oil soon doubled or tripled in value. As a result, Rockefeller became even wealthier after the monopoly than during it.

Western Fuel 

Western Fuel is a Somerset-based independent provider of boiler servicing and fuel. Over the decades since we were founded, we have built up a reputation for reliability and dependability in the fuel sector, and are proud to say that we now have a wide range of regular satisfied customers. 

Our primary services include top-quality lubricants, commercial fuel, heating oil, boiler servicing and fueler cars at affordable rates. We are honoured to employ industry experts who have the expertise and many years of experience to offer our customers the standard of service that they deserve. 

If you own an agricultural facility, you need a company that appreciates your requirements and provides you with the agricultural fuel that you need to operate your business. To learn more please contact us on 01278 431 451, or email us via 451info@westernfuel.co.uk.

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