Standard Oil was a predominant American integrated oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world and operated as a major company trust and was one of the world's first and largest multinational corporations until it was broken up by the United States Supreme Court in 1911.
John D. Rockefeller was a founder, chairman and major shareholder. Standard Oil had significant success, and out competed many of its rivals with lower costs and efficient production and logistics. With the profits, Rockefeller became the richest man in modern history. Standard Oil was also criticized by some due to its aggressive pricing and business techniques. Other notable Standard Oil principals include Henry Flagler, developer of Florida's Florida East Coast Railway and resort cities, and Henry H. Rogers, who built the Virginian Railway (VGN), a well-engineered highly efficient line dedicated to shipping southern West Virginia's bituminous coal to port at Hampton Roads.
Read more about Standard Oil: Early Years, 1895–1911, Breakup, Legacy and Criticism of Breakup, Successor Companies, Rights To The Name
Famous quotes containing the words standard and/or oil:
“A dwarf who brings a standard along with him to measure his own size—take my word, is a dwarf in more articles than one.”
—Laurence Sterne (1713–1768)
“As artists they’re rot, but as providers they’re oil wells; they gush. Norris said she never wrote a story unless it was fun to do. I understand Ferber whistles at her typewriter. And there was that poor sucker Flaubert rolling around on his floor for three days looking for the right word.”
—Dorothy Parker (1893–1967)