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just checking out the article “How John D. Rockefeller Became The Richest Person In Modern History as seen on the blog Celebrity Net Worth

useful information on the history of oil in America. As the article unpacks the story: “In 1890, after the company had moved its headquarters to New York City, the Sherman Antitrust Act was passed. The law would be instrumental in breaking up the Standard Oil Trust. By this time, Rockefeller invested in iron ore and its transport, setting up a competition with fellow tycoon Andrew Carnegie. These interests would be sold to steel magnate J.P. Morgan, of U.S. Steel, in exchange for stock and for membership on the company’s board of directors for Rockefeller and his son, John Jr. In 1911, the U.S. Supreme Court ruled that the Standard Oil Co. was in violation of the Sherman Antritrust Act, and the company was divided into 34 smaller organizations — some of which became Conoco, BP, Amoco, Chevron, and ExxonMobil. Rockefeller received proportionate shares of stock in each company, profiting handsomely in the aftermath. His personal fortune shot up to nearly $1 billion.”

via How John D. Rockefeller Became The Richest Person In Modern History | Celebrity Net Worth


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