Encyclopedia.com. The Paradox of Plenty: Oil Booms and Petro-States. Wall, Bennett H., et. Brown, Anthony Cave. Other companies that once were part of the trust included Atlantic Richfield Company, Buckeye Pipe Line Company (Ohio), Chesebrough-Pond’s Inc., Pennzoil Company, and Union Tank Car Company (New Jersey). Standard Oil broke up in 1911 as a result of a lawsuit brought against it by the U.S. government in 1906 under the Sherman Antitrust Act of 1890. Exxon and Mobil merged in 1999, and Chevron merged with Texaco in 2001. During those same years, the most commonly used standard reference conditions for people using the Imperial or customary USA system of units was 60 °F (520 °R) and 14.696 psia (i.e., 1 atmosphere of absolute pressure) because it was almost universally used by the oil and gas industries worldwide. The Cambridge Grammar of English distinguishes the syntactic category of proper name from that of proper noun (Payne & Huddleston 2002: 516). Standard Oil (1863 - 1911) was an oil refining organization founded by John D. Rockefeller (1839-1937) and partners in 1863.Borrowing heavily to expand his business, Rockefeller drew five big refineries including the business concern of Henry Morrison Flagler into one firm, Rockefeller, Andrews & Flagler.By 1868 he headed the world's largest oil refinery. Oil is still sometimes given in payment (1 Kings 5:11; Ezekiel 27:17; Hosea 12:1; Luke 16:6; Revelation 18:13). But while this arrangement was satisfactory from a legal point of view, it did not provide sufficient administrative centralization. Wood River was a rapidly growing community during the first quarter of the twentieth century, largely as a result of the establishment of the Standard Oil Refinery. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. Growth continued into the first decade of the twentieth century, as did hostile governmental scrutiny. The big profit earner, even in the early 1990s, remained crude oil, and not gasoline sales. Standard Oil's growth in wealth and power drew the awe of other corporations and the criticism of social critics, most notably muckraker Ida Tarbell, who wrote the scathing "History of the Standard Oil Company" in McClure's magazine in 1902. https://www.encyclopedia.com/history/news-wires-white-papers-and-books/standard-oil-company, "Standard Oil Company 1 Refinery in Cleveland when the city was the center of the world petroleum industry, 1889. UNESCO – EOLSS SAMPLE CHAPTERS PETROLEUM ENGINEERING – DOWNSTREAM - Environmental Impacts Of The Oil Industry - Jacqueline Barboza Mariano, Emilio Lèbre La Rovere ©Encyclopedia of Life Support Systems (EOLSS) DREW, D., 1983. . The Standard Oil Trust was formed in 1863 by John D. Rockefeller. window.__mirage2 = {petok:"425aed5bc068b39a90c3a37342b675eab657e329-1612191239-86400"}; Retrieved January 12, 2021 from Encyclopedia.com: https://www.encyclopedia.com/history/news-wires-white-papers-and-books/standard-oil-company. STANDARD OIL COMPANY, an Ohio corporation, was incorporated on 10 January 1870 with a capital of $1 million, the original stockholders being John D. Rockefeller, with 2,667 shares; William Rockefeller, with 1,333 shares; Henry M. Flagler, with 1,333 shares; Samuel Andrews, with 1,333 shares; Stephen V. Harkness, with 1,334 shares; O. Nov 14, 2014 - Standard Oil of Ohio - Wikipedia, the free encyclopedia Entry for 'Oil, Anointing' - International Standard Bible Encyclopedia - One of 8 Bible encyclopedias freely available, the ISBE is hailed for its authoritative explanations of … British Petroleum Company PLC completed the purchase of Standard Oil Company (Ohio) in 1987, and in 1998 British Petroleum (renamed BP) merged with Amoco. Circuit Court for the Eastern District of Missouri. Olive oil is the oil consisting of a blend of refined olive oil and virgin olive oils fit for consumption as they are. O.). By the time of Tarbell's publication, social criticism was just one of many forces checking Standard Oil's power. Fairfax, Virginia 22037 At this stage the “company” in fact consisted of many smaller companies that held stock in each other, often secretly. Via Wikipedia Commons. See alsoAntitrust Laws ; Free Trade ; Petroleum Industry ; Standard Oil Company of New Jersey v. United States ; Trusts . In ten years, Rockefeller controlled $33 million of the $35 million annual refining capacity of the United States. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. This article was most recently revised and updated by, https://www.britannica.com/topic/Standard-Oil, United States History - Standard Oil Trust. Philosophies of Facts 1.1 Facts, Facts & Facts. Standard Oil quickly responded by beginning construction of its own network of pipelines. Founded in 1882, Standard Oil of New Jersey was one component of the trust; by design the Standard Oil Trust embraced a maze of legal structures, which made its workings virtually impervious to public investigation and understanding. The trustees promptly began reorganizing the business, moving the company’s headquarters to New York and setting up several important new subsidiaries—the Standard Oil Company of New York and what would become the company’s single most important individual company within the trust: the Standard Oil Company of New Jersey. AAAS. Terms. (It would not become important for fueling engines until the twentieth century.) graduate Oil. It acquired companies in Latin America in the 1920s, particularly in Venezuela, and also expanded marketing companies abroad. (2) As a Cosmetic. ." Entry for 'Oil, Anointing' - International Standard Bible Encyclopedia - One of 8 Bible encyclopedias freely available, the ISBE is hailed for its authoritative explanations of every significant word, person and place The Anglo-American Oil Company Ltd. of London allowed Standard to begin securing interests outside the United States. The Standard Oil Company of New Jersey is the largest Ameri can oil company and one of the greatest American industrial cor porations. (January 12, 2021). Wood River was a rapidly growing community during the first quarter of the twentieth century, largely as a result of the establishment of the Standard Oil Refinery. Later the company changed its name to Esso, using the abbreviation from Standard Oil (S. 1. Gale Encyclopedia of U.S. Economic History, Rockefeller, John D. Standard Oil Trust. Because it was able to establish dominance over its competitors in the field of refining, it was a "horizontal monopoly." His competitors, unable to obtain the same rates, found themselves faced with the choice of being ruined or agreeing to be absorbed by Standard Oil (via stock exchanges).

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