jan 1, 1870 - Standard Oil founded
Description:
The oil corporation Standard Oil was founded by John D. Rockefeller. At its time, it was the largest oil refinery in the world. It specialized in the technique of horizontal integration, meaning that it eliminated all of its competition by buying them up or bankrupting them, effectively securing a monopoly on US oil. The company suffered its demise in 1911, when the Supreme Court ruled in Standard Oil of New Jersey v. United States that the corporation violated the anti-monopoly law the Sherman Antitrust Act, and forced it to dissolve into 32 separate companies, including modern-day ExxonMobil and Chevron.
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