anna minhyo shinhee

Who? John D. Rockefeller

What? He is a founder of the Standard Oil Company; he acquired barrel factories, oil fields, oil-storage facilities, pipelines and railroad tanker cars.

Where? Cleveland

How? Rockefeller entered the growing oil-refining industry in 1863. During its early years, the oil-refining industry was composed of numerous small, so the companies were very competitive. With this, Rockefeller decided to gain control of the industry.

Significant? He owned companies that contributed to each stage of oil refining, so he was able to sell his oil for a cheaper price than his competitors. He had his own method, called “horizontal integration: <one company’s control of other companies producing the same product>

When? 1863