Mission Statement
"To enhance and foster a positive image to global community by promoting the contribution of the petroleum, energy, and allied industries through education by using all resources available."
John D. Rockefeller's Biography
John D. Rockefeller was born July 8, 1839, in Richford, New York. He built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. By 1882 he had a near-monopoly of the oil business in the U.S, but his business practices led to the passing of antimonopoly laws. Late in life Rockefeller devoted himself to philanthropy Born in Richford, New York on July 8,1839, Rockefeller moved with his family to Cleveland at the age of 16. Unafraid of hard work, he took on a number of small business ventures as a teenager and at age 16, he landed his first real office job as an assistant bookkeeper with Hewlett & Tuttle, commission merchants and produce shippers. By the age of 20, Rockefeller, who'd thrived at his job, ventured out his own with another business partner, working as commission merchants in hay, meats, grain and other goods. At the close of the company's first year in business, it had grossed $450,000. A careful and studious businessman who refrained from taking unnecessary risks, Rockefeller sensed an opportunity in the oil business by the early 1860s, and in 1863 he opened his first refinery, just outside Cleveland. Less than a decade later, Rockefeller, founder of the Standard Oil Company, had near-total control of the region's refineries.John Davison Rockefeller was an American industrialist and philanthropist. He was the founder of the Standard Oil Company, which dominated the oil industry and was the first great U.S. business trust. Rockefeller revolutionized the petroleum industry and defined the structure of modern philanthropy. In 1870, he founded the Standard Oil Company and aggressively ran it until he officially retired in 1897.Rockefeller founded Standard Oil as an Ohio partnership with his brother William. Rockefeller's wealth soared, and he became the world's richest man and the first American worth more than a billion dollars. Rockefeller spent the last 40 years of his life in retirement. His fortune was mainly used to create the modern systematic approach of targeted philanthropy. He was able to do this through the creation of foundations that had a major effect on medicine, education, and scientific research.
History of Standard Oil Company
Standard Oil was an American oil producing, transporting, refining, and marketing company. Established in 1870 as a corporation in Ohio, it was the largest oil refiner in the world. Its controversial history as one of the world's first and largest multinational corporations ended in 1911, when the United States Supreme Court ruled that Standard was an illegal monopoly. Standard Oil dominated the oil products market through vertical integration and was an innovator in the development of the business trust. The Standard Oil trust streamlined production and logistics, lowered costs, and undercut competitors. "Trust-busting" critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened consumers. John D. Rockefeller was a founder, chairman and major shareholder. With the dissolution of the Standard Oil trust into 33 smaller companies, Rockefeller became the richest man in the world. 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. Standard Oil began as an Ohio partnership formed by the well-known industrialist John D. Rockefeller, his brother William Rockefeller, Henry Flagler, chemist Samuel Andrews, silent partner Stephen V. Harkness, and Oliver Burr Jennings, who had married the sister of William Rockefeller's wife. In 1870 Rockefeller incorporated Standard Oil in Ohio. Of the initial 10,000 shares, John D. Rockefeller received 2,667; Harkness received 1,334; William Rockefeller, Flagler, and Andrews received 1,333 each; Jennings received 1,000; and the firm of Rockefeller, Andrews & Flagler received 1,000. Using highly effective tactics, later widely criticized, it absorbed or destroyed most of its competition in Cleveland in less than two months in 1872 and later throughout the northeastern United States. In the early years, John D. Rockefeller dominated the combine; he was the single most important figure in shaping the new oil industry. He quickly distributed power and the tasks of policy formation to a system of committees, but always remained the largest shareholder. Authority was centralized in the company's main office in Cleveland, but decisions in the office were made in a cooperative way. In response to state laws trying to limit the scale of companies, Rockefeller and his associates developed innovative ways of organizing, to effectively manage their fast growing enterprise. On January 2, 1882, they combined their disparate companies, spread across dozens of states, under a single group of trustees. By a secret agreement, the existing thirty-seven stockholders conveyed their shares "in trust" to nine Trustees: John and William Rockefeller, Oliver H. Payne, Charles Pratt,Henry Flagler, John D. Archbold, William G. Warden, Jabez Bostwick, and Benjamin Brewster. This organization proved so successful that other giant enterprises adopted this "trust" form.
Purpose of Product
Standard Oil worked to bring both a higher and more uniform standard of products to the market. Indeed, it also built better infrastructure than competitors: when constructing its pipelines, it sunk the pipe beneath the earth at least eighteen inches deep, except over solid rock, while some competitors only sank their line when int crossed tilled land. This resulted in whipsawing of the pipes of competitors when cold weather came. Standard Oil also provides an example of market regulations at work. Standard Oil engaged outside experts to investigate complaints and to recommend methods for improvement whenever necessary. When there were leaks in its barrels it immediately sealed them and sought out the cause (resulting in environmentally-friendly policies due to a desire to not lose profit). Furthermore, when there were allegations that the company was using inaccurate and fraudulent measurements on its tanks, Standard Oil invited all of the oil exchanges to send delegates to check their measurements. No errors were found, and honesty of Standard Oil's field storage units were never again seriously questioned