John D. Rockefeller

Charlie Brisch

IHSS

Mr. Roddy

April 12, 2022


In 1859, Rockefeller became a business partner with Maurice B. Clark. Fast forward a few years, towards the end of the Civil War, and they looked into starting to refine crude oil. A market existed for oil refined into kerosene. Coal was usually used to refine kerosene, but it became too expensive and tedious to keep using. In Cleveland’s industrial area, a refinery was owned by Andrews, Clark & Company, which was composed of Rockefeller & Clark, as well as chemist Samuel Andrews and Clark’s brothers. Whale oil, which was used as fuel in lamps, was getting too expensive to continue using, the kerosene business began booming. He then split off in 1870 but continued to produce oil under Standard Oil of Ohio. He then became the most profitable oil refiner in Ohio, and one of the largest shippers of oil and kerosene in the country. Rockefeller became wildly efficient in buying the least efficient refiners, which improved his efficiency in production, pressing for discounts on shipments of oil, lowballing his competition, making under the table deals, raising investment pools, and buying out his rivals. This led his company, Standard Oil, to producing 90% of the US oil by the end of the 1870s. His American empire had 20,000 domestic oil wells, 4,000 miles of pipeline, 5,000 tank cars, and over 100,000 employees. Standard Oil continued out the rest of the century refining 80% of the United States’ oil. 

Rockefeller then expanded into iron ore and ore transportation in the 1890s. This forced him into competition with another gilded age titan, Andrew Carnegie. In 1901, U.S. Steel bought out Andrew Carnegie’s steel assets, and offered Standard Oil’s iron interests for U.S. Steel stock. Rockefeller then retired in 1902 at the age of 63, with over $58 million dollars. 

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