Standard Oil Company
Definition
The Standard Oil Company was an American oil producing, transporting, refining, and marketing company established by John D. Rockefeller in 1870. It became the largest oil refinery firm in the world and later was considered a monopoly.
Related terms
Monopoly: A situation where a single company or group owns all or nearly all of the market for a given type of product or service.
John D. Rockefeller: An American business magnate and philanthropist who is best known for his role in establishing the Standard Oil Company.
Oil Industry: The global processes of exploration, extraction, refining, transporting (often by oil tankers and pipelines), and marketing petroleum products.
"Standard Oil Company" appears in:
Study guides (1)
AP US History - 6.3 Westward Expansion Social and Cultural Development
Additional resources (1)
AP US History - 6.1 Context of Industrialization and the Gilded Age
Practice Questions (1)
Which influential figure revolutionized oil refining and created a powerful monopoly through Standard Oil Company?
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About Us
About Fiveable
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Privacy Policy
CCPA Privacy Policy
Resources
Cram Mode
AP Score Calculators
Study Guides
Practice Quizzes
Glossary
Cram Events
Merch Shop
Crisis Text Line
Help Center
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.