Standard Oil And The Largest Petroleum Products Company

In 1870 John D. Rockefeller started Standard Oil Co. and it quickly became the largest petroleum products company in the world. By 1890 Standard controlled 90 percent of refined oil in the United States and was sued by the state of Ohio for its anticompetitive practices. Standard Oil of Ohio which was its original name simply broke the company into 41 separate companies, and controlled them through the new Standard Oil Trust, legally known as Standard Oil Co. of New Jersey. Because there were no federal laws prohibiting anticompetitive behavior in business Standard Oil was able to avoid any serious repercussions from the government. Standard Oil achieved market dominance by undercutting the competition, arranging special deals with railroads, and aggressively buying out its competition. Between 1902 and 1904 the writer Ida Tarbell, the daughter of a failed oil businessman whose company went under because of Standard Oils practices, wrote a 19-part investigational report into the prac tices of Standard Oil. These articles led to the wide spread public outcry for the government to do something about Standard Oil and monopolies in all other industries. In 1911 Standard Oil was sued by the United States and the case reached the Supreme Court. Under the Sherman Act the government alleged Standard Oil was a monopoly and abused its monopolistic power to restrain trade through predatory pricing and unfair deals with railroad companies. Standard Oil cut oil prices severely in areasShow MoreRelatedExxon Mobil Corporation : An Energy Company Essay940 Words   |  4 PagesTexas. Exxon Mobil Corporation is an energy company that explores for and produces crude oil and natural gas. As one of the largest manufacturers of petroleum products in the world, it transports and sells natural gas, crude oil, and oil products. Exxon is also a major manufacturer and marketer of commodity petrochemicals and a wide variety of specialty products. It also markets and refines chemicals, and has interests in power generation facilities. The company operates in two hundred plus countriesRead MoreAlgeria, The Largest Country Of Africa1626 Words   |  7 Pages Algeria, the largest country in Africa, is home to 39 million people. The native language is Arabic and the common currency is dinar. From 2010 to 2015 the GDP (Gross Domestic Product) has increased from $4,349.00 to $5,836.00, with a population density of 16 inhabitants per square kilometer. Algeria’s GDP is among the highest of Africa’s countries, compared to Egypt whose GDP is $3314.00 per capita. From an economics standpoint, Algeria operates almost identical to the United States having thereRead MoreIndustry Analysis : Tesoro Corporation Essay868 Words   |  4 PagesCorporation operates in the Oil and Gas Refining and Marketing sector within the United States. This is actually a sub-industry, making up ten percent of Oil, Gas, and Consumable Fuels, which is—generally speaking—on e of several sectors of the energy industry. The industry codes for Petroleum Refining are 2911 (SIC) and 324110 (NAICS). The way firms generate revenue in this industry is by purchasing crude oil for a low price, refining it, and then selling the product for a higher price, primarilyRead MoreOil Gas Industry: Past, Present and Future1663 Words   |  7 Pages|Oil Gas Industry:Past, Present and Future Sudha Singh At Independence, India s domestic oil production was just 250,000 tones per annum. The entire production was from one state-Assam. Most foreign experts had written off India as far as discovery of new petroleum reserves was concerned. The Government announced, under Industrial Policy Resolution, 1954, that petroleum would be the core sector industry. Preamble Petroleum explorationRead MoreA Brief Note On The American Multinational Oil And Gas Corporation Essay1193 Words   |  5 Pagesmultinational oil and gas corporation main office in Texas, United States. Founded by John D. Rockefeller s Standard Oil company, and was formed on November 1999, by the merger of Exxon and Mobil (formerly Standard Oil of New Jersey and Standard Oil of New York), and Now ExxonMobil is the largest refiner in the world. It is associated with Imperial Oil which operates in Canada. ExxonMobil is known as one of the world s largest companies by revenue, and the second largest publicly traded company by marketRead MoreBritish Petroleum1639 Words   |  7 PagesIntroduction The Anglo-Persian Oil Company which is now known as British Petroleum (BP) was founded in 1909 and is one of the world’s leading international gas and oil companies. The multinational British company’s headquarters is located in London, United Kingdom and is one of the five largest oil companies in the world. The pioneer of the Middle Eastern oil industry, BP discovered oil in Iran before World War I and eventually became involved in all aspects of the oil industry, from exploration toRead MoreOpec Case Study1516 Words   |  7 PagesNaik 5) Koshy John 2) Anup Nair 4) Prashant Lohade 6) Smita Meshram What is OPEC? The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. It was founded at a meeting held on 10–14 September 1960 in Baghdad, Iraq, by five oil-producing countries: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. (These countries are referred to as theRead MoreChevron Case Study1617 Words   |  7 Pagesin 1870 as Pacific Coast Oil Company. Following subsequent mergers, they eventually emerged as Standard Oil Company in 1911 after a forced divestiture into 34 independent companies by the U.S. Supreme Court under the Sherman Antitrust Act. It would later become Standard Oil Company of California (SoCal) after acquiring Pacific Oil Company in 1926. 10 years later, the SoCal joined forces with The Texas Company (a predecessor to Texaco) and formed Caltex Group of Companies, in order to manage interest sRead MoreIndian Oil Industry Is The Backbone Of A Modern Economy1017 Words   |  5 PagesThe oil refining industry is the backbone of a modern economy (Senevirante, 2006). Refined petroleum product remain fundamental to our economic life – in everybody’s daily life and economic activities of a nation (Wauquier and Favennec, 2001) ranging from domestic cooking to transportation, employment, etc. In terms of the refining capacity India ranks eighth in the world (U.S. EIA 2009). The private sector owns about 38% of total capacity while the public sector owns the rest. End of 2013, IndiaRead MoreStrategic Management Analysis of Saudi Aramco Ltd.1671 Words   |  7 PagesMBA Course: Strategic Management. Section: A. Department of Business Administration. Contents of term-paper as follows: 1. Acknowledgement Letter 2. Executive Summary 3. Definition of Strategy 4. Most Strategic Management Model 5. Company Detailed Profile including mission amp; vision and Organogram 6. PESTEL, SWOT and Porter’s Five Forces Analysis 7. SWAN Analysis amp; TWOS Matrix 8. Value Chain Analysis 9. ViSA Model amp; SMARTER Model 10. The BCG chart 11