John D. Rockefeller was the world’s first Billionaire and it was his near-monopoly oil business in the USA that necessitated the federal and states governments to create Antitrust laws.

John D. Rockefeller

Who Was John D. Rockefeller?

American industrialist John D. Rockefeller built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. By 1882 he had a near-monopoly of the oil business in the United States, but his business practices led to the passing of antitrust laws. Later in life, Rockefeller devoted himself to philanthropy. He died in 1937.

Early Years

Born in Richford, New York, on July 8, 1839, John Davison Rockefeller moved with his family to Cleveland, Ohio, at the age of 14. Unafraid of hard work, he embarked on a number of small-business ventures as a teenager, landing his first real office job at age 16, as an assistant bookkeeper with Hewitt & Tuttle, commission merchants and produc… Continue Reading (4 minute read)

9 thoughts on “John D. Rockefeller was the world’s first Billionaire and it was his near-monopoly oil business in the USA that necessitated the federal and states governments to create Antitrust laws.”

  1. Duderpher

    Remember it was heating oil, or kerosene, not motor oil, there weren’t cars when he made his money.

  2. LickClitsSuckNips

    Plus he got richer when they broke up standard oil.

  3. SamRothstein72

    First US billionaire.

  4. DBDude

    Fun fact, his drive for efficiency of operations actually brought down the price of kerosene for the average person across the country. The people who got screwed by monopoly practices were his competition. Usually the competition lost because they simply weren’t as efficient, but he’d dump below-cost kerosene in their markets if they held out too long.

  5. SpeedyPrius

    Why do they ignore the antitrust laws now?

  6. Lemmiwinks99

    Excused, not necessitated. He lost significant market share long before the govt got involved. Also, he did not practice any of the dangerous behaviors people warn regarding monopolies because he had to constantly worry about competition. Finally, he helped get the world off of whale oil usage. Literally saved the whales.

  7. kissmymudring

    Rockefeller saved the whales tho

  8. businessman99

    Standard oil =Esso rebranded

  9. Enginerding_94

    Blood bankers and oil barons.

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