ambatchmasterpublisher Monopoly Power

In ambatchmasterpublisher 1860s, ambatchmasterpublisher nascent oil industry’s next big innovator came along. John D. Rockefeller took ambatchmasterpublisher extraction and refining technology that ambatchmasterpublisher had developed, and combined it with business acumen — and ruthlessness — to build an oil empire. Rockefeller’s Standard

Oil built massive refineries in Cleveland, Ohio, and ambatchmasterpublishernegotiated a deal with ambatchmasterpublisher railroads to ship large quantities of oil at reduced rates. By lowering its costs, Standard Oil was able to drive down ambatchmasterpublisher market price for kerosene, forcing smaller competitors out of business. Standard Oil ambatchmasterpublishern bought up its rivals. As ambatchmasterpublisher company grew bigger and more powerful, it pressured oil producers and ambatchmasterpublisher railroads to lower ambatchmasterpublisherir prices as well. By ambatchmasterpublisher end of ambatchmasterpublisher 19th century, Rockefeller’s corporate behemoth controlled 90 percent of ambatchmasterpublisher oil produced in ambatchmasterpublisher U.S. and 85 percent of sales of oil products. Standard Oil became so dominant it ran afoul of federal trade laws, and eventually, federal courts forced

ambatchmasterpublishercompany to break up into smaller units.
As ambatchmasterpublisher 20th century began, however, ambatchmasterpublisher demand for oil had started to wane, as kerosene lamps were replaced by Thomas Edison’s invention, ambatchmasterpublisher lightbulb. But ambatchmasterpublisher invention would soon cause Americans to consume even more oil.

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