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History Summative Essay Plan (Personal Background (Born in 1839 in…

- - - - Byproducts are created when crude oil converts to kerosene, these waste are rejected by other companies but Rockefeller saw them as business opportunities; he sold these byproducts such as paraffin to candlemakers, petroleum jelly to medical suppliers, and other “waste” to pave roads.
      - Rockefeller profited by lowering oil prices and persuading customers to buy his company's products including kerosene. These consumers for a while actually preferred to use kerosene over whale oil and electricity. The cheap oil destroyed other competitors that eventually gave their stocks to his company.
      - Standard formed trusts with other companies and using his sharp business skills his Standard Oil Company became the largest corporation on land.
      - Standard bought out other competitors by offering what their refineries were worth, so he could become the richest businessman in the world.
      - Standard made deals with railroad companies to transport oil around the nation. Railroad companies such as the New York Central, the Erie, and the Pennsylvania Railroad transported Standard's oil, and Rockefeller demanded rebates (discounted rates) on his products.
      - Set up its own transport system by buying pipelines, even bought acres of forests to block other companies from building their own pipelines
      - Rockefeller turned oil into a dominating industry in the late 19th century in the U.S. and had major influences abroad
      - Paid workers well and the labour practices within Standard Oil Company were ethical
      - Paid chemists well when they discovered new ways to extract kerosene from crude oil