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Standard Of Monopolized The Oil Industry - Essay Example

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In 1890, Rockefeller together with other partners formed the Standard Oil Company. The paper "Standard Of Monopolized The Oil Industry" discusses the ruthless methods that the company employed to gain and terminate the competitors in the market and amalgamate the industry…
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Standard Of Monopolized The Oil Industry
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"Standard Of Monopolized The Oil Industry"

Download file to see previous pages Buying Competitors Though most of Standard Oil’s takeovers aimed at gaining competitive advantage, they also benefitted the acquired company too. Rockefeller and his partners gained confidence from the competitors through wide-ranging volunteer association. Standard Oil also offered the former executives, of the acquired companies, high positions in the new company and was assured parity in management and was assimilated into the management because they were experienced and were well acquainted with the oil industry and local markets (Montague 76-81). The Standard Oil trust comprised of different companies in the industry which attained competitive advantage and maintained an even competition among the members. Rockefeller perceived the buyouts of the other refineries in Cleveland as foreseeable. He is quoted noting “the battle of the new idea of cooperation against competition” (Montague 52). In his mind, huge industrial amalgamations referred to as monopolies would substitute competition and individualism in the oil industry. Rockefeller used hardball tactics to buy out the competitors. In 1874, the company started purchasing new oil pipeline networks. This assisted the company to amputate the flow of oil to the other companies that Rockefeller wanted to acquire. When a competing company made efforts to build a rival pipeline across Pennsylvania, Standard Oil purchased the land along the way to barricade the way. In the end, Standard Oil obtained control of all the pipelines within the nation. Notably, Standard Oil had attained full control of 90 percent of United States refining companies (Montague 176) Discounted Shipping Rates In order to attain a competitive advantage over its competitors, Standard Oil surreptitiously organized for reduced shipping rates from railroads. This aimed at reducing the average costs incurred by the company. Rockefeller had a fascination for efficiency that was unparalleled. ...Download file to see next pagesRead More
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