Who was against the Standard Oil Company?

In 1906 the U.S. government brought suit against Standard Oil Company (New Jersey) under the Sherman Antitrust Act of 1890; in 1911 the New Jersey company was ordered to divest itself of its major holdings—33 companies in all.

Who was George Rice Oil?

George Rice started in the oil business in 1865, the same year as John D. Rockefeller. Rice built an oil refinery in Marietta, Ohio in 1873. In 1883, he was the first person to run a pipeline from the newly discovered oil fields in nearby Macksburg.

Why did people not like Standard Oil?

“Trust-busting” critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened other businesses. Rockefeller ran the company as its chairman, until his retirement in 1897.

How did George Rice ruin Rockefeller?

I sought for the reason and found that the railroads were in league with the Standard Oil concern at every point, giving it discriminating rates and privileges of all kinds as against myself and all outside competitors.” Source: George Rice, “How I Was Ruined by Rockefeller,” New York World, October 16,1898.

Why were Carnegie and Rockefeller called robber barons?

Included in the list of so-called robber barons are Henry Ford, Andrew Carnegie, Cornelius Vanderbilt, and John D. Rockefeller. Robber barons were accused of being monopolists who earned profits by intentionally restricting the production of goods and then raising prices.

Which president broke up Standard Oil?

President Theodore Roosevelt
While publicly attacking Standard Oil and other trusts, President Theodore Roosevelt did not favor breaking them up. He preferred only to stop their anti-competitive abuses. On November 18, 1906, the U.S. attorney general under Roosevelt sued Standard Oil of New Jersey and its affiliated companies making up the trust.

Why was George Rice called a robber baron?

George Rice on Railroad Rates For twenty years George Rice attempted to remain in the refining business despite what he claimed was a determined effort by Rockefeller to wipe him out. In 1899, Rice was called to testify before the United States Industrial Commission.

Who was the chairman of the Standard Oil Company?

” Trust-busting ” critics accused Standard Oil of using aggressive pricing to destroy competitors and form a monopoly that threatened other businesses. Rockefeller ran the company as its chairman, until his retirement in 1897.

When did Standard Oil become an antitrust company?

In the year 1904, Standard Oil controlled 91% of oil refinement and 85% of final sales in the United States. At this time, state and federal laws sought to counter this development with antitrust laws. In 1911, the U.S. Justice Department sued the group under the federal antitrust law and ordered its breakup into 34 companies.

Who are the three companies that own Standard Oil?

Three supermajor companies now own the rights to the Standard name in the United States: ExxonMobil, Chevron Corp., and BP. BP acquired its rights through acquiring Standard Oil of Ohio and Amoco, and has a small handful of stations in the Midwestern United States using the Standard name.