|
|
|
|
|
|
|
|
|
|
|
Exxon Mobil News
direct descendant of the Standard Oil Company of Ohio, the corporation John D. Rockefeller started in 1870, 5 years after he began refining oil in Cleveland. By 1878 Standard Oil, in collusion with other Rockefeller companies, controlled about 85% of the country's oil industry. They achieved this control by monopolizing almost every transportation facility in the oil regions of the country. In 1881 Rockefeller formed the Standard Oil Trust to own the stock of Standard Oil's various companies, but the courts ordered the trust dissolved in 1892 as the result of a suit filed by the State of Ohio. In 1899 Rockefeller created the Standard Oil Company of New Jersey as the holding company for all the separate units which the Standard Oil Trust had been forced to yield up. By 1907 the new company controlled 67 companies in all phases of the oil industry. The Supreme Court found the new trust to be in violation of the Sherman Anti-Trust Act and ordered it broken up in 1911.
