Standard Oil

The completion of the first successful petroleum well in northwestern Pennsylvania in 1859 sparked a speculative oil boom, leading to the dominance of independent oil producers in the early oil extraction industry.

Atlantic Refining and Marketing was founded in 1866 and acquired by Standard Oil in 1874.

In 1868, Standard Oil struck a seminal deal with the Lake Shore Railroad, securing a significant discount on shipping rates. This deal allowed the company to expand its operations and increase its dominance in the oil industry.

John D. Rockefeller formed the Standard Oil Company on January 10, 1870 with his business partners and brother. The success of this business empire made Rockefeller one of the world’s first billionaires and a celebrated philanthropist.

Within the first three months of 1872, Rockefeller acquired, shut down, or bankrupted 22 of his 26 Cleveland competitors, aiming to remove 'marketplace inefficiency' and consolidate control over the oil industry. This aggressive acquisition strategy contributed to the rise of Standard Oil's dominance.

Standard Oil of California, later known as Chevron, was founded in 1879. It was one of the major companies established by the famous industrialist John D. Rockefeller.

By 1880, according to the New York World, Standard Oil was described as 'the most cruel, impudent, pitiless, and grasping monopoly that ever fastened upon a country'.

The Chesebrough Manufacturing Company was acquired by Standard Oil in 1881 and separated from Standard as one of the 34 successor entities during the 1911 divestiture.

In 1882, the Standard Oil Company and its affiliated companies were combined to form the Standard Oil Trust, which was governed by nine trustees, including John D. Rockefeller. This trust allowed for the control of numerous corporations engaged in producing, refining, and marketing oil.

On March 15, 1882, companies under Standard Oil came together to form the Standard Oil Trust, further consolidating Rockefeller's control over the oil industry.

Standard Oil gains control of Continental Oil and Transportation Co., the leading distributor of petroleum products in the Rocky Mountain area. This acquisition allows Standard Oil to expand its influence in the oil industry.

In 1885, the Standard Oil Trust was formed, including the Standard Oil Company of New Jersey (Jersey Standard) and the Standard Oil Company of New York (Socony), marking a significant consolidation in the oil industry.

In 1885, Standard Oil acquired control of Continental, a leading seller of petroleum products in the Rocky Mountain region. However, in 1913, due to antitrust legislation enforced by the U.S. Supreme Court, Standard Oil was forced to relinquish its control over Continental.

Standard Oil of Indiana was founded in 1889 and traded as Standard Oil of Indiana until 1985. It gained control of the Amoco name by purchasing the American Oil Company in 1925.

In 1890, Congress overwhelmingly passed the Sherman Antitrust Act, a pivotal source of American anti-monopoly laws. The act aimed to forbid contracts, schemes, deals, or conspiracies that restrained trade, marking a significant development in the regulation of monopolistic practices.

In 1899, the Standard Oil Trust was legally reborn as a holding company, the Standard Oil Co. of New Jersey (SOCNJ), which held stock in 41 other companies, exerting significant control over the oil industry.

In the early 1900s, the United States enacted the Sherman Antitrust laws in response to growing public outcry, aiming to break up a mega company.

The Spindletop field in East Texas yielded a major oil discovery in 1901, leading to the emergence of significant new competitors in the oil market. This discovery marked the beginning of a new era in which petroleum became a primary fuel for industry and transportation.

In 1902, a horse-drawn truck employed by Standard Oil delivers gasoline for the first automobiles and stationary engine use, marking a significant milestone in the history of the oil industry.

McClure's Magazine begins serializing a detailed history of Standard Oil, authored by investigative journalist Ida Tarbell, spanning 19 installments.

In 1903, the Wright brothers utilized Jersey Standard fuel and Mobiloil lubricants for their historic first flight at Kitty Hawk, North Carolina, demonstrating the importance of quality oil products in aviation history.

In 1904, Ida M. Tarbell published 'The History of the Standard Oil Company,' which critically examined the practices of Rockefeller's Standard Oil. The book played a significant role in exposing the impact of trusts and corporate power on the American public.

On February 20, 1905, Kansas officially declared war on Standard Oil, reflecting the state's opposition to the company's practices.

On February 21, 1905, Kansas Congressman P.P. Campbell actively petitioned against Standard Oil, demonstrating the growing resistance to the company's dominance.

On October 31, 1907, the Kansas Supreme Court encountered inconsistent responses regarding Standard Oil's trusts, indicating legal challenges to the company's operations.

In 1909, the U.S. Justice Department sued Standard Oil under federal antitrust law, the Sherman Antitrust Act of 1890, for sustaining a monopoly and restraining interstate commerce through various unfair practices.

In February 16, 1911, the U.S. Supreme Court found Standard Oil guilty of violating the Sherman Antitrust Act. As a result, the government mandated the breakup of Standard Oil into smaller companies due to its monopolistic practices.

In May 1911, the U.S. Supreme Court rules in favor of the government in the case against Standard Oil, leading to the breakup of the company into separate entities, including Chevron, Amoco, Mobil, Conoco, and Exxon, which later dominate the international oil market.

On May 15, 1911, the US Supreme Court upheld the lower court judgment and declared the Standard Oil group to be an 'unreasonable' monopoly under the Sherman Antitrust Act, Section II. It ordered Standard to break up into 34 independent companies with different boards of directors, leading to the formation of Exxon and Mobil.

On May 18, 1911, the US Supreme Court dissolves Standard Oil trusts, giving the company six months to comply.

The U.S. Supreme Court mandated Standard Oil to give up control of Continental Oil and Transportation Co. to avoid monopolistic practices.

Atlantic Refining and Marketing opened the first modern gas station on Baum Boulevard in Pittsburgh in 1916.

Standard Oil of Indiana gained control of the Amoco name by purchasing the American Oil Company in 1925.

In 1933, Jersey Standard and Socony-Vacuum merged their interests in the Asia-Pacific region into a 50–50 joint venture, forming Standard-Vacuum Oil Co., or 'Stanvac', which operated in 50 countries before it was dissolved in 1962.

By 1950, South Penn had acquired all the firms using Pennzoil as a trade name and subsequently renamed itself to Pennzoil.

In 1966, Atlantic Refining merged with the Richfield Oil Company to form ARCO.

In 1973, Jersey Standard announced it would rebrand all of its stations as Exxon and changed its corporate name to Exxon Corporation simultaneously due to legal issues with the use of the Esso brand name.

In 1987, Unilever acquired Chesebrough for $3.1 billion USD, or $72.50 per share, in an all-cash deal, beating a $66/share offer from American Brands.

Chevron Corporation, formerly known as Standard Oil of California, rebranded itself as Chevron in June 1993. It has since become one of the largest companies in the world.

In November 1999, Exxon and Mobil closed a merger deal with American regulatory approval, resulting in the formation of ExxonMobil, which is now the largest majority investor-owned oil and gas corporation in the world.

In his 2008 book, Steve Weinberg described the exposure of Standard Oil as 'arguably the greatest work of investigative journalism ever written'.