John davison rockefeller term papers

Its vast American empire included 20,000 domestic wells, 4,000 miles of pipeline, 5,000 tank cars, and over 100,000 employees. [41] Its share of world oil refining topped out above 90% but slowly dropped to about 80% for the rest of the century. [42] Ironically, in spite of the formation of the trust and its perceived immunity from all competition, by the 1880’s Standard Oil had passed its peak of power over the world oil market. Rockefeller finally gave up his dream of controlling all the world’s oil refining, he admitted later, “We realized that public sentiment would be against us if we actually refined all the oil.” [42] In reality, foreign competition and new finds abroad eroded his dominance. In the early 1880’s, Rockefeller created one of his most important innovations. Rather than try to influence the price of crude oil directly, Standard Oil had been exercising indirect control by altering oil storage charges to suit market conditions. Rockefeller then decided to order the issuance of certificates against oil stored in its pipelines. These certificates became traded by speculators, thus creating the first oil-futures market which effectively set spot market prices from then on. The National Petroleum Exchange opened in Manhattan in late 1882 to facilitate the oil futures trading. [43]

John davison rockefeller term papers

john davison rockefeller term papers

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john davison rockefeller term papersjohn davison rockefeller term papersjohn davison rockefeller term papersjohn davison rockefeller term papers