asked 160k views
0 votes
John D. Rockefeller and the Standard Oil Company achieved financial success by

asked
User Tadeusz
by
7.9k points

2 Answers

1 vote

Answer: Monopoly

Step-by-step explanation:

3 votes

Answer:

John D. Rockefeller and the Standard Oil Company achieved financial success by the establishment of a monopoly in the oil industry.

Step-by-step explanation:

John D. Rockefeller was the person who created the Standard Oil Company. In 1865, he borrowed some money to acquire some of the businesses that belonged to his partners, as well as take control of the largest refinery in Cleveland. During the next years, his business expanded especially because he acquired new partners.

In 1870, he established the Standard Oil Company of Ohio accompanied by his brother William, Henry Flagler, as well as some other men. This industry achieved a monopoly concerning the oil industry because the company acquired rival refineries and it developed some other companies to distribute and promote its products throughout the world.

answered
User Sboulema
by
7.4k points
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.