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The Rise of Big Business (The Corporation and the Bankers (Banks and…
The Rise of Big Business
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Rockefeller's Oil Empire
Industry could not have expanded so quickly in the United States if it weren't for the nation's rich supply of natural resources.
In 1859, Americans first discovered oil
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The Standard Oil Trust
To tighten his hold over the oil industry, Rockefeller formed the Standard Oil trust in 1882
Stockholders in dozens of smaller oil companies turned over their stock to Standard Oil. In return , they got stock in the newly created trust, which paid the stockholders high dividends
The standard oil trust created a monopoly of the oil industry. The Standard Oil trust controlled 95 percent of all oil refining in the United States.