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Article: Standard Oil Company
- Article from:
- Gale Encyclopedia of U.S. Economic History
CopyrightCOPYRIGHT 2000 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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STANDARD OIL COMPANY
The origins of the Standard Oil Company date from 1863 when John D. Rockefeller (1839
–
1937), son of a modest businessman, and two others purchased a refinery in Cleveland, Ohio. Rockefeller foresaw the potential of refining Pennsylvania crude oil, which would revolutionize the way people lighted their homes, fueled their vehicles, and powered their industries. With easy access to railroads and the Great Lakes, Rockefeller's home city of Cleveland, Ohio, soon became the hub for crude oil refining, thanks to the business acumen of Rockefeller and his partners.
After seven years of local success the company was incorporated in 1870. Rockefeller then began a ...